DUBAI: Dubai-based giant property developer Nakheel announced on Thursday it has bought a 50 percent interest in the Fontainebleau Miami Beach US resort at a cost of $375 million.
Nakheel has invested $375 million with Fontainebleau Resorts LLC, a privately-held Las Vegas-based resort developer, in exchange for a 50 percent interest in the company s iconic Fontainebleau Miami Beach resort, it said.
Nakheel Hotels, a business unit of Nakheel, will re-create the legendary Fontainebleau Miami Beach in partnership with Fontainebleau Resorts, with a spectacular $500 million renovation, a statement said.
The project is expected to be completed in the last quarter of 2008, it added.
Nakheel, part of the Dubai government conglomerate Dubai World, is behind some of the most extravagant projects in the Gulf emirate.
They include a cluster of man-made islands looking 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.
Nakheel said its residential, commercial, leisure and other projects at home and abroad are conservatively estimated to be worth $80 billion. -AFP
