Dubai-government owned property developer Nakheel, which is building palm tree-shaped islands off Dubai's coast, said on Thursday it agreed to invest $375 million in a beach resort in Florida.
Nakheel, which is developing about $80 billion of projects, agreed to buy half the project from Las Vegas-based developer Fontainebleau Resorts, Nakheel said in a statement on Thursday.
"The transaction provides Nakheel with a premier entrance into the Miami resort market," Joe Sita, chief executive officer of Nakheel Hotels said in the statement. Nakheel Hotels manages about $3 billion of investments.
The Fontainebleau Miami Beach Resort is undergoing a $500 million renovation and is due to open in the last quarter of the year, Nakheel said.
Nakheel, with operations in North America, Asia and Europe, in January doubled its stake in Australia's Mirvac Group Ltd to expand its operations in the country. (Reuters)
Nakheel invests $375m in Miami resort