The Abu Dhabi Developmental Holding Company has bought the Marriott Edition in Iceland’s capital Reykjavik from investment fund SÍA III, controlled by Stefnir Asset Management Company, for 230 million euros ($243 million), according to newspaper Iceland Monitor.
The acquisition of the 253-room hotel, adjacent to Reykjavik’s Harpa Convention Hall & Conference Center, also includes the holdings of Mandólín hf., which owned approximately 70% of the shares in the hotel.
ADDHC, referred to as ADQ, is the third-largest sovereign-wealth fund in Abu Dhabi, the capital of the United Arab Emirates. It has $159 billion in funds and assets, according to Arabian Business, which ranks it eighth among the top sovereign wealth funds in the Gulf Cooperation Council region. Its peers on that list, the Mubadala Investment Company and the Abu Dhabi Investment Authority, are valued at $284 billion and $708.75 billion, respectively. ADQ was founded in 2018, Mubadala in 2017 and ADIA in 1976.
The hotel’s developer, Cambridge, Massachusetts-based Carpenter & Co., retains its minority ownership in the hotel, which opened in November 2022, and Marriott International will continue to manage it.
The Edition brand has 14 hotels in six countries, and there are four hotels in development — in Doha, Qatar; Rome; Tokyo and along Mexico’s Riviera Maya coastline.