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Dubai developer buys stake in Fontainebleau [Emirate gets half of Miami Luxury hotel]
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,...
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Breaking News (News/Activism)
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