Nakheel splashes $315mn on Mexico resort

LATIN EXPANSION: The One&Only Palmilla, pictured, is Nakheel's first venture in Latin America.

Dubai developer Nakheel, which is building three palm-shaped islands off Dubai's coast, said on Saturday it had agreed to buy 50% of a Mexican resort for $315 million, its first foray into Latin America.

The Dubai government-owned firm, which is developing about $60 billion of projects, would buy the stake from Whitehall Street Real Estate Funds, managed by Goldman Sachs & Company, it said in a statement on Saturday.

Kerzner International owns the other 50% of the 172-room resort in Los Cabos, which operates under the One&Only luxury hotel brand, Nakheel said.

"Latin America is very important in the global tourism market," Nakheel Hotels Chief Executive Joe Sita said in the statement.

Nakheel, with operations in North America, Asia and Europe, last month doubled its stake in Australia's Mirvac Group to expand its operations in the country. (Reuters)

Print | Email | Discuss this article |

USER COMMENTS (0 COMMENTS)

POST A COMMENT

CLICK HERE TO POST A COMMENT

Add your Comment All posts are sent to the administrator for review and are published only after approval. ArabianBusiness.com reserves the right to remove any comment at any time for any reason. Please keep your responses appropriate and on topic.
Name *
Remember me on this computer
Email *	(Your email address will not be published)
City
Country
Subject *
Comment *
Notify me of further comments
Security Code *
Please click post only once - your comment will not be published immediately.