BETHESDA, MD-Locally-based Marriott International Inc. reports it has entered into a non-binding letter of intent for the sale of three Edition Hotels in Miami Beach, New York City and London for a sale price of approximately $800 million.
All three hotels are currently under construction and would be sold upon their completion. Marriott officials add that the residential component of the Miami Beach Element hotel is not part of the proposed transaction and that the company plans to retain ownership pending sale of the units to individual investors.
Marriott did not divulge the identity of the buyer. However, it noted in a press release that the $800-million sale price is approximately equal to Marriott's expected total acquisition and development cost. Increases in estimated development costs would not result in higher hotel sales prices, the company stated.
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