The Real Deal Miami

Turnberry, Dubai World may keep Fontainebleau

March 17, 2010 05:51PM

Dubai World and Turnberry Ltd. may retain control of the Fontainebleau Miami, according to a report in the Wall Street Journal. Holders of the $620 million construction loan on the property could soon approve a proposal that would inject $100 million into the hotel. According to the terms of the deal, the new equity would come from Dubai World and Turnberry, and the loan would be extended until 2016. Turnberry’s Jeffrey Soffer began a $500 million renovation of the hotel in 2005, but lost the Las Vegas Fontainebleau earlier this year in bankruptcy proceedings. [WSJ]