Marriott Selling Properties for $800 Million

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Marriott International, Inc. has entered into a non-binding letter of intent to sell three Edition hotels for approximately $800 million.   

The three hotels, located in London, Miami Beach and Manhattan, are under construction and would be sold after completion. London Edition is scheduled to open next month, Miami Beach Edition next summer and New York Edition in early 2015, the Maryland-based company stated in a press release.

The company did not announce a buyer. However, the Wall Street Journal reported last week Marriott was close to a deal with an Abu Dhabi government fund for the properties.    

The company would retain ownership of the Miami Beach Edition residential units, pending their sale to individual purchasers. The company will also retain long-term management agreements for the properties.

The approximately $800 million sales figure is "approximately equal to Marriott's expected total acquisition and development cost," the company said.

"Increases in estimated development costs would not result in higher hotel sales prices," the company said in its release.