Marriott Sells Miami Beach EDITION, Retains Long-term Management Agreement
The Next Generation Urban Resort Opened in November
Marriott International, Inc. (NASDAQ: MAR) today announced it has sold The Miami Beach EDITION hotel for cash proceeds of $230 million. Today's sale is the second in a series of three anticipated sales of Marriott-owned EDITION hotels to companies ultimately owned by the Abu Dhabi Investment Authority (ADIA). The agreement with ADIA for the sale of these three EDITION hotels was announced when the first, The London EDITION, was sold to ADIA in...
"The Miami Beach EDITION is a defining example of this extraordinary brand," said Arne Sorenson, president and chief executive officer of Marriott International. "We look forward to welcoming and delighting many thousands of guests at this spectacular hotel in a world-renowned destination…one that is certain to be known as the next generation urban resort."
The Miami Beach EDITION is located in "heart of Miami Beach" between South Beach and North Beach—on a three and a half-acre private enclave stretching from Collins Avenue to the ocean shoreline. The property is an elegantly designed complex of structures, spaces, and settings that together offer a new kind of resort environment. With The Miami Beach EDITION, every aspect of the traditional beach hotel has been re-imagined for the needs and desires of a new segment of non-traditional luxury lifestyle consumer, and every thought given to enhancing a guest's stay: for vacation, for relaxation—and for work.
Just a few months ago, Marriott finalized long-term management agreements with owners who will develop an EDITION hotel and residences in the Los Angeles area. Located on the famed Sunset Boulevard in West Hollywood, the property is expected to open in 2018.
EDITION Hotels, launched by Marriott in partnership with Ian Schrager, combines the intimate, individualized and unique lodging experience for which Ian Schrager is known, with the global reach, operational expertise and scale of Marriott. In addition to West Hollywood, other EDITION hotels are planned for New York (Times Square); Bangkok, Thailand; Sanya and Wuhan, China; Bali, Indonesia; and Abu Dhabi, UAE with advanced ongoing discussions for other exciting locations.
About Marriott International
Marriott International, Inc. (Nasdaq: MAR) is based in Bethesda, Maryland, USA, and encompasses a portfolio of nearly 9,100 properties across more than 30 leading brands in 142 countries and territories. Marriott operates and franchises hotels and licenses vacation ownership resorts all around the world. The company offers Marriott Bonvoy®, its highly awarded travel program. For more information, please visit our website at www.marriott.com. In addition, connect with us on Facebook and @MarriottIntl on X and Instagram.
About Marriott Bonvoy
Marriott Bonvoy, Marriott International's award-winning travel platform, connects travelers to the people, places, and passions they love through an extraordinary collection of hotels and experiences worldwide. The platform features over 30 hotel brands and 10,000 destinations, including the largest collection of luxury offerings, distinctive boutique properties, premium home rentals, and more, providing renowned hospitality across the globe. With unrivaled access to the best in entertainment, culinary, sports, outdoor adventure, arts, culture, and more, Marriott Bonvoy offers transformative travel experiences that leave a lasting impression.
Marriott Bonvoy membership is free and unlocks unique benefits including the ability to earn points through travel and everyday activities, like purchases with co-branded credit cards. Members can redeem their points for free stays, experiences and more. Visit marriottbonvoy.com for more information and download the Marriott Bonvoy app here. Travelers can connect with Marriott Bonvoy on Instagram, TikTok, YouTube, and Facebook.