Business | Investment
Nakheel arm buys stake in Miami resort for Dh1.37b
Nakheel announced yesterday that it has invested Dh1.37 billion ($375 million) with Fontainebleau Resorts LLC, a privately-held Las Vegas based resort developer, in exchange for a 50 per cent stake in the US company's Font-ainebleau Miami Beach resort.
- Staff Report
- Published: 19:28 April 10, 2008
Dubai: Nakheel announced yesterday that it has invested Dh1.37 billion ($375 million) with Fontainebleau Resorts LLC, a privately-held Las Vegas based resort developer, in exchange for a 50 per cent stake in the US company's Font-ainebleau Miami Beach resort.
Nakheel Hotels, a business unit of Nakheel, will recreate the Fontainebleau Miami Beach in partnership with Fontainebleau Resorts, with a $500 million renovation. The project is expected to open in the last quarter of 2008.
On seven hectares of oceanfront, the Fontai-nebleau is regarded as the crown jewel of Miami Beach resorts. The "new" resort will include more than 1,500 luxury rooms and suites, a 40,000 square foot spa, multiple marquee restaurants, a signature nightclub and ultra-lounge, lush poolscape and approximately 200,000 square feet of meeting, convention and ballroom facilities.
"This transaction provides Nakheel with a premier entrance into the Miami resort market, via the world-renowned Fonta-inebleau. We are always seeking to diversify our portfolio and add to our existing investments in North America, Asia and Europe. Miami, as one of the Unites States' major gateways, has been a key target, which we are pleased to have now," said Joe Sita, CEO Nakheel Hotels.
Nakheel Hotels was launched in November 2007 as the new name for Istithmar Hotels after Dubai World consolidated its hotel business under one banner to create a fully integrated hotel investment company. The hotels business now has a global hotel property portfolio worth $3 billion.
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