RIYADH: Abu Dhabi sovereign wealth fund is exploring the sale of the Miami Beach Edition Hotel in which the property could fetch more than $580 million, as it is seeking to more than double its money.
This deal would mark a record on a price-per-room basis for the Miami market, Bloomberg reported citing people familiar with the matter.
Abu Dhabi Investment Authority, also known as ADIA, acquired the Edition for $230 million in 2015 from Marriott International.
The hotel has 294 rooms and suites including oceanfront bungalows, and restaurants designed by Jean-Georges Vongerichten, according to its website.
ADIA is working on exploring the interest of potential buyers with an adviser, one of the people said, asking to be anonymous. ADIA spokesman declined to comment to Bloomberg.