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Nakheel, Dubai-based real estate firm |
Nakheel, Dubai-based one of the world’s largest and most innovative real estate developers, has announced an investment worth $375 million with Fontainebleau Resorts LLC, Las Vegas-based resort developer, in exchange for a 50% interest in the company’s iconic Fontainebleau Miami Beach Resort.
Joe Sita, Nakheel Hotels CEO, said, “This transaction provides Nakheel with a premier entrance into the Miami resort market, via the world renowned Fontainebleau. The Fontainebleau fits perfectly into Nakheel’s strategy of investing in the best assets in the most important markets worldwide”.
Nakheel Hotels, a business unit of Dubai’s real estate firm Nakheel, will re-create the legendary Fontainebleau Miami Beach in partnership with Fontainebleau Resorts, with a spectacular $500 million renovation. The project is expected to open in the last quarter of 2008.
