search

The Real Deal Logo

Trending

Housing deal finally passes; here are the detailsHousing deal finally passes; here are the detailsHow Hochul played the “good cause eviction” game, and wonHow Hochul played the “good cause eviction” game, and won“I wouldn’t use it, I would just lock the door”: Landlords pan new rehab law“I wouldn’t use it, I would just lock the door”: Landlords pan new rehab lawYellowstone drops approximately $200M on 1740 Broadway debtYellowstone drops approximately $200M on 1740 Broadway debt
South Florida

Dubai close to selling stake in Fontainebleau hotel

4441 Collins Avenue in Miami Beach
4441 Collins Avenue in Miami Beach

Dubai is close to selling its 50 percent stake in the Fontainebleau hotel in Miami Beach, which could net at least $360 million.

Sign Up for the undefined Newsletter

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

Tags
FountainebleauTurnberry Associates