Marriott International sold the Miami Beach Edition hotel for cash proceeds of US$230 million. The sale is the second of a series of three anticipated sales of Marriott-owned Edition hotels to companies owned by the Abu Dhabi Investment Authority (the London Edition was sold in January 2014 and Marriott expects to sell the New York Edition in the first quarter of 2015).
As part of the agreement, Marriott will retain long-term management of the property. Additionally, Marriott recently finalized long-term management agreements with owners who will develop an Edition hotel and residences in the Los Angeles area expected to open in 2018.
Marriott also released its Q4 2014 earnings on Wednesday, reporting net income totaled US$197 million, a 30% increase over 2013. For full year 2015, Marriott forecasts North American and worldwide comparable systemwide constant dollar RevPAR to increase 5 to 7 percent.