Miami Beach Edition sells for $230 million


The Miami Beach Edition, which opened to acclaim and $1,000-a-night room rates in December, has been sold.

Marriott International, which developed the project, said Thursday that it had sold the 294-room property to companies owned by the Abu Dhabi Investment Authority for $230 million. The Maryland-based hotel company announced in 2013 that it intended to sell three Edition hotels — in Miami Beach, London and New York — to the sovereign wealth fund for a total of $800 million while holding on to long-term management agreements.

Marriott bought shuttered remains of the old Seville Hotel, 2901 Collins Ave., in 2010 for $57.5 million. When it opened in December, the property became the first Edition hotel in the continental United States.

Hotelier Ian Schrager, famous in Miami for his game-changing launch of the Delano in 1995, partnered with Marriott on the lifestyle brand. He revealed earlier this week at the University of Miami Real Estate Impact Conference that he is scouting for a possible location for an Edition hotel in Broward, and considering spots in Miami-Dade for his Public hotel brand.

“I like to come here,” he told the crowd at the conference.

Miami Herald staff writer Nicholas Nehamas contributed to this report.