Marriott nearing completion of property sale to sovereign wealth fund

By Marc Castro

Sep 12, 2013 12:34 PM EDT

American hotel chain Marriott International is near the finalization of its sale of three of its hotels to a buyer. This was confirmed by its CEO and the most likely purchaser would be an Abu Dhabi sovereign wealth fund.

In an interview with Fox Business, CEO Arne Sorenson, the sale mentioned would be properties located in London, New York and Miami beach. These Edition-branded properties were the subject of a previous report by the Wall Street Journal to be the subject of a purchase bid from a sovereign wealth fund from the Middle East. He declined to comment on the Wall Street Journal news report.

According to Sorenson, "We have signed a letter of intent with an institutional buyer."

Marriott International reported a 10.6% increase in RevPAR across its Middle East and Africa properties for the second quarter of 2013. This was driven by a 2% growth in property occupancies and 6.8% in average property occupancies in the Gulf region. RevPAR is defined as revenue per available room.

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