The Abu Dhabi Investment Authority, the sovereign wealth fund of the oil-rich emirate, is buying the upcoming Edition hotel at Madison Square Park, seller Marriott International announced today.
Marriott and hotelier Ian Schrager launched the Edition brand in 2008. The property, located at 5 Madison Avenue, is expected to wrap up construction by the end of the first quarter. An Edition in Times Square is also in the cards for 2017.
The Abu Dhabi Investment Authority, which bought the London Edition hotel last year, closed today on the purchase of the Miami Beach Edition in South Florida for $230 million. The New York deal is slated to close in the first quarter of 2015 at a yet-undisclosed price.
Over the next three years, Marriott also plans to open Editions in China, Thailand, India, the United Arab Emirates and Los Angeles.