Boodle Hatfield advise Marriott on sale of London EDITION
16 Jan, 2014
Law firm Boodle Hatfield has acted for Marriott International, Inc. on the sale of its London EDITION hotel. Binding agreements for the sale of the EDITION hotels in Miami Beach and Manhattan have also been announced. The combined sale price of the three hotels is US$815m. The three hotels have been acquired by companies owned by the Abu Dhabi Investment Authority (ADIA).
EDITION Hotels, launched by Marriott in partnership with Ian Schrager, combine the intimate and unique hotel experience for which Ian Schrager is known, with the global reach, operational expertise and scale of Marriott. Other EDITION hotels are planned for Los Angeles; Abu Dhabi; Sanya, China; Gurgaon, India; and Bangkok.
The Boodle Hatfield team was led by Corporate and Commercial partner Richard Beavan and Commercial Property partner Simon Williams. In the US, Marriott was advised by real estate partner, Dana Fidazzo, of Venable LLP. ADIA was represented by the New York and London offices of Gibson, Dunn & Crutcher LLP.
Simon Williams (pictured) said: “Boodle Hatfield acted for Marriott when it purchased the former Berners Hotel back in 2010. It reopened in September 2013 as the London EDITION and is already proving to be extremely popular.
“It has always been Marriott’s strategy to develop and sell on the EDITION, whilst continuing to operate it under a long-term agreement. It has been a great privilege to work alongside Marriott on this important transaction.”
Arne Sorenson, president and chief executive officer of Marriott International said: “The sale of all three company-owned hotels is a powerful endorsement of our EDITION brand. This transaction is a key component of our strategy to build the EDITION brand by selectively developing spectacular, brand-defining hotels in gateway cities. We look forward to managing this and our other hotels for many years.”