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Abu Dhabi sovereign wealth fund scores $180M refi of Miami Beach Edition Hotel

The Miami Beach Edition at 2901 Collins Avenue and Abu Dhabi Investment Authority’s CEO Hamed bin Zayed Al Nahyan
The Miami Beach Edition at 2901 Collins Avenue and Abu Dhabi Investment Authority’s CEO Hamed bin Zayed Al Nahyan (JLL, ADIA, Marriot) via www.therealdeal.com

Marriott sold the oceanfront hotel in 2015 for $230M

The Abu Dhabi Investment Authority closed on a $180 million refinancing of the Miami Beach Edition, an oceanfront hotel it acquired six years ago for $230 million.

First Abu Dhabi Bank and the National Bank of Kuwait provided the financing, according to sources familiar with the deal. The Abu Dhabi sovereign wealth fund paid $230 million for the 294-key hotel at 2901 Collins Avenue in 2015. The deal equated to more than $782,000 per room.

A team led by JLL’s Kevin Davis and Barnett Wu represented the borrower in the refinancing, according to a press release.

Marriott International sold the Miami Beach Edition in 2015, months after it was completed, as part of an $815 million sale of three Edition hotels to ADIA. Marriott and Ian Schrager redeveloped the 3.5-acre property, which includes 28 bungalows, a rooftop penthouse, two outdoor pools, a fitness center, and spa. Marriott still manages and operates the hotel.

By Katherine Kallergis  www.therealdeal.com
Read the full story  www.therealdeal.com

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