The Real Deal Miami

Soffers buy out Fontainebleau partner after refi

Dubai government company gets bonus if Florida expands gambling
December 17, 2013 10:30AM

Fontainebleau Miami Beach

Fontainebleau Miami Beach

The Jeffrey Soffer-led ownership of Fontainebleau Miami Beach successfully bought out the Dubai government as a partner in the resort.

Shortly after completing a $535 million refinancing, the Soffer family made Miami-Dade Circuit Court filings that indicated a buyout agreement had been reached with a company managed by Dubai’s Nakheel Leisure, the Miami Herald reported. Nakheel-managed Istithmar Hotels paid $375 million for a 50 percent stake in the Fontainebleau six years ago to help the Soffers completed a renovation of the resort.

The Herald credited South Florida Business Journal with first reporting the Dec. 13 agreement between the Soffers and Istithmar, which would earn an undisclosed bonus if gambling is legalized by the Florida Legislature. The Fontainebleau ownership supported a 2008 campaign to allow resort casinos in the state.

Soffer recently worked out a deal to resolve litigation with creditors of the failed Fontainebleau Vegas project on the Las Vegas Strip. [Miami Herald]Eric Kalis