ADIA buys three hotels for $816m

Marriott International has completed the sale of a three-property portfolio of hotels to the Abu Dhabi Investment Authority for $816 million.

The three hotels are located in London, Miami and New York City .

The agreement with ADIA for the sale of the three Edition hotels was announced when the first, the 173-room The London Edition, was sold to ADIA in January for $243 million. And in February, ADIA purchased the second hotel, the Miami Beach Edition, for $230 million.

The third hotel, which is the highest priced and largest hotel of the portfolio, is the 355-room New York Edition, located at 5 Madison Ave., which sold for $343 million.

Marriott will remain operator of the properties under long-term management contracts.

During the first quarter, ADIA has been involved in several high-p