Nakheel invests in Miami Beach resort

10 April 2008
Dubai-based developer Nakheel has invested $375m in the US' Fontainebleau Resorts and will take a 50 per cent interest in the firm's Miami Beach resort.

In partnership with Fontainebleau Resorts, Nakheel subsidiary, Nakheel Hotels, will undertake a $500m renovation of the resort, which is expected to open by the end of the year.

It will include more than 1,500 guest rooms and suites, a a spa, restaurants, a nightclub and approximately 20,000 square metres of meeting, convention and ballroom facilities.

Nakheel Hotels was launched in November 2007 as the new name for Istithmar Hotels after Dubai World consolidated its hotel business to create a fully integrated hotel investment company. Istithmar Hotels was formed in April 2006 and has accumulated a global hotel property portfolio will investments of more than $3bn.

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