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Saturday, April 1, 2023

Abu Dhabi’s ADQ buys Edition Reykjavik for $243m

Abu Dhabi’s ADQ buys Edition Reykjavik for 3m

Abu Dhabi Development Holdings has acquired the Marriott Edition in Reykjavik, Iceland, for 230 million euros ($243 million) from SÍA III, an investment fund controlled by Stefnir Asset Management. newspaper iceland monitor.

The acquisition of the 253-room hotel, adjacent to Reykjavik’s Harpa Conference Hall and Convention Centre, also includes a stake in Mandólín hf., which owns approximately 70% of the hotel.

ADDHC, referred to as ADQ, is the third largest sovereign wealth fund located in Abu Dhabi, the capital of the United Arab Emirates. It has $159 billion in funds and assets, according to arab business, ranked eighth among the top sovereign wealth funds in the GCC region. Peers on the list, Mubadala Investment Company and Abu Dhabi Investment Authority, have market caps of $284 billion and $708.75 billion, respectively. ADQ was established in 2018, Mubadala in 2017 and ADIA in 1976.

The hotel’s developer, Cambridge, Mass.-based Carpenter & Co., retained its minority stake in the hotel, which opens in November 2022, with Marriott International Inc. continuing to manage it.

The Edition brand has 14 hotels in six countries, with four more under development – in Doha, Qatar; Rome; Tokyo and Mexico’s Riviera Maya coastline.

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