Nakheel, a giant commercial real estate developer based out of Dubai, announced on Thursday it has bought a 50 percent interest in the Fontainebleau Miami Beach US resort at a cost of 375 million dollars.
In exchange for a 50% interest in the company's iconic Fontainebleau Miami Beach resort, Nakheel has invested 375 million dollars with Fontainebleau Resorts LLC, a privately-held Las Vegas-based resort developer, reported the APR on April 10th, 2008.
With a spectacular 500 million dollars in renovation, the business unit of Nakheel, Nakheel Hotels, will re-create the legendary Fontainebleau Miami Beach in partnership with Fontainebleau Resorts.
The commercial real estate project in Miami Beach is expected to be completed in the last quarter of 2008, it added.
Nakheel is a part of the Dubai government conglomerate, Dubai World, and is behind some of the most extravagant projects in the Gulf emirate including the cluster of man-made islands that look like a blurred vision of the planet's states rising off the coast of Dubai, which is part of the oil-rich United Arab Emirates.
The company said that it’s residential, leisure and commercial real estate as well as other projects at home and abroad are conservatively estimated to be worth 80 billion dollars.
Contributed by MLR Realty
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