Thursday April 10th, 2008 - 12:02AM
MIAMI—Nakheel Hotels, a division of Dubai-based property developer Nakheel, best known for developing The Palm islands and The World, has invested $375 million in exchange for a 50% interest in Fontainebleau Resorts, LLCs iconic Fontainebleau Miami Beach resort.
Fontainebleau Resorts, a privately-held Las Vegas-based resort and casino developer, in partnership with Nakheel Hotels, is re-creating the Fontainebleau Miami Beach with a $500 million renovation. The hotel is expected to open later this year.
Jeffrey Soffer, Fontainebleau Resorts executive chairman and majority equity holder said this strategic alliance is the beginning of a larger relationship that will lead to other major growth opportunities around the world.
On 17 acres of oceanfront, the “new” resort will include more than 1,500 guestrooms and suites, a 40,000-square-foot European-style spa, multiple marquee restaurants, a signature nightclub and lounge, poolscape and approximately 200,000 square feet of meeting, convention and ballroom facilities.
Fontainebleau Resorts also is building the Fontainebleau Las Vegas, a $2.9 billion, 63-story destination resort and entertainment complex situated on 25 acres on the Strip. The project, expected to open in Fall 2009, will borrow from Morris Lapidus, the architect who designed the curvilinear Fontainebleau in Miami Beach more than a half-century ago.