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Wed 8 Apr 2015 11:52 AM

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Abu Dhabi buys Manhattan hotel for $242m - report

New York hotel was bought for $165m in 2011

Abu Dhabi buys Manhattan hotel for $242m - report

The Abu Dhabi Investment Authority has snapped up the New York Edition hotel in Manhattan for a reported $243 million.

The sovereign wealth fund acquired the 273-room hotel at 5 Madison Avenue in Manhattan from Marriott International, according to New York’s Real Deal magazine.

Marriott International, which created the Edition hotel in partnership with Ian Schrager, acquired the landmark clock tower on Madison Avenue for $165 million in 2011, it said.

It is the third Edition hotel that Abu Dhabi has purchased from Marriott. The fund already owns the London Edition and recently paid a reported $230 million for the Miami Beach Edition hotel.

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