Less than 6 months after officially opening, Marriott has sold the Miami Beach Edition Hotel For $230 million to the Abu Dhabi Investment Authority (ADIA), a sovereign wealth fund owned by Emirate of Abu Dhabi. This is one of three Edition properties sold to the ADIA (or at least planned) which include the Edition New York and The Edition London – all of which has previously been reported in The South Florida Business Journal. No small surprise here actually, many sovereign wealth funds have a hankering to own real estate and hotels are popular among them, real estate in general. These funds tend to have the ability to hold for the long term and have very strong balance sheets.
Edition Miami Beach is at an enviable address, 2901 Collins Avenue, right across from the ocean and just a little north of South Beach proper. According to the article, the property has performed above and beyond expectations since its opening.
PHOTO CREDIT: Courtesy of Edition Hotel