Three Edition hotels owned by Marriott International Inc. in London, South Florida and Manhattan and worth about USD800 million will be sold in accordance to a preliminary agreement.
The largest publicly traded hotel chain in the United States, Marriott, had been developing the Edition brand with hotelier Ian Schrager. In a conference call last August 1st, CEO Arne Sorenson said the company planned to sell the three Edition brand hotels at the time. The construction of the London hotel was expected to be completed within 30 days. The Miami Beach south Florida property by the middle of 2014 and the New York Clock Tower hotel in 2015.
Once construction is completed on the hotels, the sale for each property would immediately push through. Marriott said it also signed a non-binding letter of intent to sell the said properties, subject to long-term management agreements.
Although the Wall Street Journal reported that Marriott was close to an agreement with Abu Dhabi Investment Authority on the three hotels, a spokesperson for the refused to comment.
Marriot will continue to own the residential component of the Miami Beach Edition pending their sale to interested buyers since it is not included in the preliminary deal.
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