Posted on 03/06/2009 8:30:13 AM PST by syriacus
Nakheel Hotels has bought a 50 percent interest in the Fontainebleau Miami Beach resort for $375 million.
The iconic hotel is in the midst of a $500 million renovation and is expected to open during the second half of 2008. Aventura-based Turnberry Associates bought the hotel in 2005.
The Dubai emirate manages Nakheel, the hotel group's parent company. It developed the Palm Islands in Dubai and recently partnered with Busch Entertainment Corp., the family entertainment division of Anheuser-Busch Cos., to put four theme parks on the man-made islands.
"We are extremely pleased to have a world-class organization such as Nakheel, as our partner in our flagship property," Turnberry's Jeffrey Soffer said in a news release. "This strategic alliance with Nakheel Hotels is the beginning of a larger relationship that will lead to other major growth opportunities around the world and advance our goal of creating a new standard within the hospitality industry."
The Fontainebleau is located on 17 acres of oceanfront. The redone resort is to include more than 1,500 luxury guest rooms and suites, a 40,000 square foot European-style spa, multiple marquee restaurants, a signature nightclub and about 200,000 square feet of meeting, convention and ballroom facilities. The original hotel was designed by famed architect Morris Lapidus.
Buy American /s
Outsourcing?
The UAW just met there.
So much for “buy America” (there doublespeak BS version of Buy American)
For years, we’ve been told by the Bush administration that America’s ports likely are among major targets for terrorist attacks. Portland, Ore., longshore worker Dawn Des Brisay told the AFL-CIO in 2004 she has “concerns about basic security issues. There is not enough focus on inspecting containers and checking their security seals.”John Bowers, president of the Longshoremen (ILA), a union that represents thousands of longshore workers in ports from Maine to Texas, joins many members of Congress in asking for hearings and a new federal review of the United Arab Emirates-owned company taking control of major U.S. ports.
Step One in creating the United Sharia States of America?
Trump said this morning that he’s purchase 800 acres (believe he said D.C.) he’s been watching for 10 years (among other real estate bargains).
Control: that’s the 600-pound gorilla in the room when talk turns to the aborted marine terminal takeover by Dubai Ports World. A wide range of economists, investors and lawmakers are warning that Americans ought to be concerned when U.S. assets are owned and controlled by foreign governments. And that’s the issue involved here, not ownership by private individuals of another nationality.[snip]I read somewhere that there have been a number of cancellations of events at the Fontainebleau. I wonder why the Unions didn't cancel.Foreign interests are on a buying binge in the U.S., gobbling up significant holdings in key U.S. industries—investing in oil and gas companies, power companies, nuclear power plants, real estate and banking, ...
Did the union leaders get a "good deal" (a "real steal") that was too good to turn down?
OAAA Cancels Annual Convention Cites economy for the cancellation. (02-19-2009)
Spitzer, too. Spitzer Is Back in D.C. -- in Real Estate
Presidents Slept Here And Now Sultans Will, Too
Up on the penthouse floor is where one could find Marilyn Monroe's suite: #1782 and JFK's: #1784. There were rooms used by Elvis, the Gabor sisters, the Mob, the James Bond movie "Goldfinger", or "Surfside 6", the "The Bellboy", and on.A Dubai company has bought half the Fontainebleau resort for $375 million, putting Miami Beach's most iconic hotel partly in the hands of a sovereign wealth fund from the oil-rich Middle East.
The parent company, Dubai World, helps invest the emirate's vast oil wealth and sparked controversy in 2006 when another subsidiary tried to buy a company running several U.S. ports, including Miami's.
Oy!
Guess they need a hotel that actually has guests.
Seems Dubai is pretty quiet nowadays.
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