Miami Condo Market and Lifestyle Updates
EDITION Hotel in Miami Beach Sold for Over $780,000 per Room to Abu Dhabi Investors

EDITION Hotel in Miami Beach Sold for Over $780,000 per Room to Abu Dhabi Investors

by Sep Niakan | March 19, 2015

The Abu Dhabi Investment Authority (ADIA) recently bought the new 294-room known as The Miami Beach EDITION hotel for $230 million.

At a conference mid-February, Ian Schrager, one of the developers who is partnering with Marriott on the project, stated that the hotel is getting twice as much revenue as they expected every year. He went on to mention that the food and beverage sales at the hotel were about 40% to 45% of the annual revenue.

The price, $230 million, means that each room had a price tag of about $780,000. Notably, ADIA had the property under contract long before the hotel officially opened, so the price tag might have been higher under different circumstances.

In addition to the EDITION hotel, Schrager also mentioned that they are looking at some of Biscayne, downtown Miami, and a few beachfront sites to add to his Public Hotel brand portfolio.

 

 

 

Source: thenextmiami.com

Photo credit: EDITION thenextmiami.com, ADIA adia.ae

Recent posts

Opinions and Advice

Miami Pre-Construction Frequently Asked Questions

by Sep Niakan | May 22, 2017

How much is the fee to have a knowledgeable and licensed Miami real estate broker help me select the right property? How much of my money does developer use during construction? What are the penalties if I decide to cancel my pre-construction...

Opinions and Advice

Comprehensive Guide to Buying a Pre-construction Property or Condo in Miami

by Sep Niakan | May 22, 2017

Why You Need to Read This Miami Pre-construction Condo Guide Miami Pre-Construction Phases How to Negotiate the Best Miami Pre-Construction Deal How to Finance Pre-Construction Property Closing Costs for Pre-Construction...

Lifestyle

Save the Date for these Stellar June Events in Miami

by Sep Niakan | May 20, 2017

With summer here, Miami turns up the heat with the hottest events lining up for the month of June. You can find a new way to spend each day, whether it's catching up on international cinema, going on a food-eating spree, or peering over the...

Lifestyle

The Top Ten Highest-Rated Restaurants in Miami

by Sep Niakan | May 14, 2017

It’s no secret how Miami’s local food scene is going global with innovative restaurants populating the landscape. We’ve got locals to tourists and even celebrities raving about how Magic City's culinary scene has grown leaps...