US: Marriott International is selling three of its Edition hotels, in London, Miami and New York for around $815 million.
The London property opened in September 2013, while the other two are under development.
The properties will be operated by Marriott under long-term management contracts with their new owners, companies owned by the Abu Dhabi Investment Authority.
Arne Sorenson, president and chief executive of Marriott International, said: “The sale of all three company-owned hotels is a powerful endorsement of our Edition brand. This transaction is a key component of our strategy to build the Edition brand by selectively developing spectacular, brand-defining hotels in gateway cities. We look forward to managing these hotels for many years.”
The Edition brand is a partnership with Ian Schrager. The first property opened in Istanbul, followed by London. Other EDITION hotels are planned for Los Angeles, Abu Dhabi, Sanya, Shanghai, Wuhan, Gurgaon and Bangkok.