Abu Dhabi Investment Authority is about to more than double its money in a Miami Beach hotel.
The Sovereign Wealth Fund is weighing options including selling the Miami Beach Edition Hotel, a property that could fetch more than $580 million, which would mark a record on a price-per-room basis for the Miami market.
ADIA acquired the Edition for $230 million in 2015 from Marriott International. It is working with an adviser to solicit interest from potential buyers.
ADIA’s Miami Beach hotel has 294 rooms and suites including oceanfront bungalows, and restaurants designed by Jean-Georges Vongerichten, according to its website. South Florida hotels have been among the biggest winners of the pandemic-era boom in leisure travel, with lodging data provider STR reporting that Miami had the highest occupancy rates and room prices among the major US markets in the first half of the year.
Those numbers helped attract investors such as Sunstone Hotel Investors, who bought Andaz Miami Beach, and the billionaire Reuben Brothers, who bought the boutique Chesterfield Hotel in Palm Beach, Florida.
