Marriott International Inc. has finalized the sale of the London EDITION and agreements for sale of the Miami EDITION and the New York EDITION. The purchaser was companies ultimately owned by the Abu Dhabi Investment Authority.
The total purchase price for the hotels was approximately $815 million, according to a company statement.
The London EDITION opened last September; the Miami EDITION is scheduled to open in the second half of this year and the New York EDITION early next year.
The company will retain ownership of the Miami Beach Edition residential units, pending their sale to individual purchasers. The company has also signed long-term management agreements to operate the hotels under the EDITION brand.
U.S.-based private equity firm Cerberus Capital Management LP has sold a 1,900-square-meter land parcel in Tokyo to Japanese general contractor Shimizu Corp, riding on the property market boom in Japan due to Abenomics.
West Loop Holdings, a joint venture of GE Capital Healthcare Financial Services, KMF Senior Housing Investors and Senior Lifestyle Corporation, has sold a senior housing portfolio in the U.S. to Griffin-American Healthcare REIT II.
A consortium spearheaded by Perennial Real Estate Holdings has agreed to purchase a Singapore office and retail tower from the Asia Real Estate Income Fund, which is managed by the Pacific Star Group, for S$970 million ($766 million).
Philips Pension Fund has sold the Symphony Offices to Deka Immobilien GmbH for approximately €215.1 million ($294.5 million), making it the largest real estate transaction in the Netherlands in 2013 to date, according to CBRE.