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Dubai set to sell stake in US hotel

Dubai World is nearing a deal to sell its 50% holding in Miami Beach's landmark Fontainebleau hotel to South Florida developer Turnberry Ltd, Reuters has reported, citing three sources aware of the matter. The sale will mark an acceleration of asset sales by Dubai World, which needs the proceeds to repay debts. The Fontainebleau hotel in Miami Beach in Florida became famous in the 1960s as a playground for stars such as Frank Sinatra, Elvis Presley and Jerry Lewis. The sale to Turnberry is expected to be signed in a few weeks, one source said. Dubai World paid $375m in 2008 for its stake in Fontainebleau Miami Beach.