Dubai developer Nakheel, which is building palm tree-shaped islands off Dubai’s coast had agreed to buy 50 percent of a Mexican resort for $315 million.The Dubai government-owned firm, which is developing about $60 billion of projects, would buy the stake from Whitehall Street Real Estate Funds, managed by Goldman Sachs & Co.
Kerzner International owns the other 50 percent of the 172-room resort.
One & Only Palmilla in Los Cabos features a Jack Nicklaus 27-hole championship golf course, a world class 22,000 sq ft spa featuring 13 spa villas, a 7,000 sq ft executive conference centre, two oceanfront infinity swimming pools, acclaimed restaurants and a wedding chapel.
The Resort is located on the Southern tip of Mexico's Baja Peninsula.
Nakheel Hotels' projects currently include The Trump International Hotel & Tower under development on The Palm Jumeirah, several luxury hotels in the US, including Mandarin Oriental, W Union Square and Hotel Washington, and development projects for W hotels in Thailand.
QE2 Enterprises, also part of Nakheel Hotels has acquired the QE2 to form the centerpiece of a luxury hotel, residential, retail and entertainment destination to be developed on The Palm Jumeirah.
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