Nakheel acquires 50% stake in Mexican resort

Dubai: Dubai-based Nakheel Hotels said on Saturday that it has entered into definitive agreements to acquire a 50 per cent stake in the Mexican resort One&Only Palmilla in Los Cabos, based on a total enterprise value of $315 million.

Nakheel Hotels is acquiring its stake from certain funds affiliated with the Whitehall Street Real Estate Funds, a series of real estate opportunity funds sponsored and managed by Goldman Sachs & Co, while existing joint venture partner, Kerzner International, will retain its 50 per cent stake.

The resort is a 172-room ultra-luxury ocean front resort managed by Kerzner International under the award-winning One&Only brand. It features a Jack Nicklaus 27-hole championship golf course, a world class 22,000 square foot spa featuring 13 spa villas, a 7,000 square feet executive conference centre, two ocean-front infinity swimming pools, acclaimed restaurants and a wedding chapel.

One&Only Palmilla is located on the Southern tip of Mexico's Baja Peninsula and benefits from ocean-front natural beaches, its own private peninsula and close proximity to San Jose del Cabo International Airport.