(Bloomberg) -- Abu Dhabi Investment Authority is seeking to more than double its money on a Miami Beach hotel.
The sovereign wealth fund is exploring options including a sale of the Miami Beach Edition hotel, in which the property could fetch more than $580 million, which would mark a record on a price-per-room basis for the Miami market, according to people with knowledge of the matter. ADIA acquired the Edition for $230 million in 2015 from Marriott International Inc.
ADIA is working with an adviser to solicit interest from potential buyers, said one of the people, all of whom requested anonymity discussing the potential transaction. Garry Nickson, an ADIA spokesman, declined to comment.
ADIA’s Miami Beach hotel has 294 rooms and suites including oceanfront bungalows, and restaurants designed by Jean-Georges Vongerichten, according to its website.
South Florida hotels have been among the biggest winners of the pandemic-era boom in leisure travel, with lodging data provider STR reporting that Miami had the highest occupancy rates and room prices among the major US markets in the first half of the year.
Those numbers have helped attract investors, including Sunstone Hotel Investors Inc., which acquired the Andaz Miami Beach, and the billionaire Reuben brothers, who bought the boutique Chesterfield Hotel in Palm Beach, Florida.
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