Nakheel buys stake in US hotel
United Arab Emirates: Thursday, April 10 - 2008 at 07:45
Dubai-based Nakheel Hotels has bought a 50% stake in the Fontainebleau Miami Beach resort in the US for $375m, reported US newswires. The hotel is undergoing a $500m renovation and is expected to open during the second half of 2008. Aventura-based Turnberry Associates bought the hotel in 2005. The Fontainebleau, which is located on 17 acres of oceanfront, will offer more than 1,500 luxury guest rooms and suites, along with a 40,000 square foot European-style spa, when its renovations are complete.
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Jeff Florian, Senior ReporterThursday, April 10 - 2008 at 07:45 UAE local time (GMT+4)
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