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
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