The Miami Beach Edition, owned by Marriott International and still under construction, is one of three hotels that the hotel company says it intends to sell for $800 million.
Bethesda-based Marriott said in a news release Friday that it had entered into a non-binding letter of intent for the sale of Edition hotels in London, New York City and Miami Beach. The company said it would hold on to long-term management agreements for each.
Marriott did not identify the buyer, but The Wall Street Journal said earlier this week that the Abu Dhabi Investment Authority, a government fund, was planning to purchase the hotels. Edition is a partnership between Marriott and celebrity hotelier Ian Schrager.
The $800 million price tag is about equal to what Marriott expects to pay on the three projects in acquisition and development, the company said. The sales would take place after each hotel is built. London will finish first, within a month, and the Miami Beach project is expected to be completed in the second half of 2014. New York is slated to follow in 2015.
Marriott bought the Miami Beach property at 2901 Collins Ave. in July 2010; in addition to about 250 hotel rooms, the project includes 26 residences. Those are not included in the sale.