Three hotels under construction in New York, London and Miami Beach could soon be sold to an investment fund run by the government of Abu Dhabi.
The hotels are part of Marriott‘s (MAR) new Edition brand. An analyst says that the company has spent $575 million to purchase and renovate existing buildings at the new hotel sites. Marriott ha previously indicated that it would invest up to $800 million to develop the new hotels, the Wall Street Journal notes.
Sources say that the hotel chain has been negotiating with the Abu Dhabi Investment Authority (ADIA), but that no deal has yet been finalized.
If Marriott succeeds in selling the hotels, it will likely realize a profit on the transaction and will generate much-needed publicity for the Edition brand.
Shares of Marriott slipped fractionally in Thursday morning trading.