Miami Commercial Real Estate News, Miami Hotels

Dubai's Commercial Real Estate Developer buys 50% of Fontainebleau

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 10^th, 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.

Full article.....Miami Commercial Real Estate News, Miami Hotel News