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Marriott to Sell Three Edition Hotels in Deal Worth $815M

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Marriott International (NASDAQ: MAR) today announced it has sold the London EDITION, and signed binding agreements for the sale of two other company-owned EDITION hotels currently under development in Miami Beach and Manhattan. The total purchase price for the three EDITION hotels is approximately $815 million, roughly equal to the aggregate estimated total development costs of all three hotels. The hotels will each be operated by Marriott under long-term management contracts with their new owners, which are companies ultimately owned by the Abu Dhabi Investment Authority.

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