Fontainebleau Resorts, LLC, a privately-held Las Vegas-based resort and casino developer, announced that Dubai-based property developer Nakheel has invested $375 million in exchange for a 50% interest in the Fontainebleau Miami Beach resort.Located on 17 acres of oceanfront, the Fontainebleau has been regarded as the crown jewel of Miami Beach resorts.
The "new" resort will 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 ultra-lounge, lush resort pool and approximately 200,000 square feet of meeting, convention and ballroom facilities.
With a spectacular $500 million renovation, the iconic Miami Beach project is expected to open in the second half of 2008. Aventura-based Turnberry Associates bought the hotel in 2005.
The Fontainebleau Resorts is also building the Fontainebleau Las Vegas, a $2.9 billion, 63-story destination resort and entertainment complex situated on 25 acres on the Las Vegas Strip. Expected to open in Fall 2009.
This transaction provides Nakheel with a premier entrance into the Miami resort market, via the world renowned Fontainebleau...
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