By Shane McGinley
Sovereign fund reportedly behind purchase of under construction properties in the US and London
Abu Dhabi is believed to be behind a $800m deal to buy three hotels from Marriott International, it was reported.
The three hotels, which are currently under construction in London, Florida and New York, are being developed under Marriott’s boutique Edition brand. The US-based hotelier said it had signed a non-binding letter of intent to sell the hotels once construction has been completed, the Bloomberg news agency reported.
Construction of the London property will be completed in the next 30 days, the Miami property has a 2014 deadline and the Manhattan property is due to be finished in 2015. However, Marriott said in a statement the residential component of the Miami property will not be included in the sale.
While the buyer was not disclosed, the Wall Street Journal linked the Abu Dhabi Investment Authority to the deal. A spokesperson from the sovereign wealth fund declined to comment on the reports.
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