Dubai is close to selling its 50 percent stake in the Fontainebleau hotel in Miami Beach, which could net at least $360 million.
The sale is dependent on Aventura-based developer Turnberry Associates – a partner with state-owned Dubai World – raising enough funds. A source close to Dubai World’s investment arm, Istithmar World, said the deal could be worth even more than $360 million, if future earnings and debt are considered.
Istithmar World paid $375 million for its stake in the 1,504-room hotel at 4441 Collins Avenue. [Financial Times] – Mark Maurer