Marriott Sells New York EDITION, Retains Long-term Management Agreement
Marriott International, Inc. (NASDAQ: MAR) today announced it has completed the previously contracted sale of The New York EDITION hotel for net cash proceeds of approximately $343 million. Today's transaction is the last in a series of three sales of Marriott-owned EDITION hotels, including the London EDITION (completed in 2014), the Miami Beach EDITION (completed in February 2015) and the New York EDITION. Combined proceeds from the sale of these hotels total approximately $816 million.