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The Abu Dhabi Investment Authority is reportedly close to buying 42 hotels managed by Marriott International Inc.
The sovereign wealth fund known as ADIA has been a preferred bidder since over a six months period. The sale includes Marriott hotels in London and Edinburgh, but the the deal hasn’t been made public yet.
ADIA may pay 640 million pounds ($992 million) for the hotels, the Times of London reported on Februaru 16, without saying how it obtained the information. ADIA and Qatar Investment Authority, the country’s wealth fund, were both bidding for the Marriott hotels since in July 2012.
The Abu Dhabi Investment Authority has been established for over 30 years, prudently investing the assets of the Emirate of Abu Dhabi through an investment strategy focused on long-term value creation. Since then, ADIA has built a strong reputation across global markets as a trusted and responsible investor.
ADIA’s mission is to invest funds on behalf of the Government of the Emirate of Abu Dhabi to make available the necessary financial resources to secure and maintain the future welfare of the Emirate.
According to data, at present, the sovereign wealth fund may be managing around $600 billion. The fund manages global investments including equities, fixed income, real estate and private equity. The primary area of its operations are currently North America, Europe and the emerging markets.