Thoughts 07 Jun 2008 04:06 pm
Dubai Company buying into the US in a big way
Reuters: MIAMI, April 9, 2008 /PRNewswire/ — Fontainebleau Resorts, LLC, a
privately-held Las Vegas-based resort and casino developer, today announced
that 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 the Company’s iconic Fontainebleau
Miami Beach resort.
Fontainebleau Resorts, in partnership with Nakheel Hotels, is re-creating
the legendary Fontainebleau Miami Beach Hotel with a spectacular $500 million
renovation. The Miami Beach project is expected to open in the second half of
2008.
Joe Sita, CEO at Nakheel Hotels, said on Thursday the deal provided Nakheel with a “premier entrance” into the Miami resort market.
It makes me wonder how long it will be before they buy into Las Vegas in a big way; providing of course, they haven’t already done so.
In case you’re curious about this company, visit their website here.
This is the company that has been building all those custom islands and beach fronts along the coast of Dubai.
This is one of their projects:
This is the Palm, Jumeirah and it includes the Trump International Hotel and Tower, due to open in 2009.