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Two Miami hotels sell for $508m
In two separate deals, two oceanfront hotels in South Florida have sold for $508 million.
The highest priced hotel was the 393-room James Royal Palm in Miami, which was purchased for $278 million by Chesapeake Lodging Trust. The seller was KSL Capital Partners. In a separate deal, Marriott International sold the 337-room JW Marriott San Francisco Union Square for a purchase price of $147.2 million to Chesapeake Lodging Trust.
And, a mile away, the Miami Beach Edition hotel sold for $230 million to the Abu Dhabi Investment Authority, a sovereign wealth fund. The seller was Marriott International. The property at 2901 Collins Ave. in Miami Beach is one of three Edition properties that have been acquired by ADIA. The first was the London Edition, which sold in January 2014, and Marriott expects to sell the third Edition hotel, New York Edition, in first quarter 2015.
The Miami hotel sector has seen mixed activity since the fourth quarter 2