Dubai World unit Istithmar World has sold its 50 percent stake in Miami Beach's landmark Fontainebleau hotel to south Florida developer Turnberry Ltd, a source close to the seller said on Tuesday.
Dubai World, one of the emirate's big state-owned conglomerates, declined to comment when contacted by Reuters.
It is the latest in a string of asset sales by Dubai World companies, as the conglomerate steps up its divestment programme following a $25bn debt restructuring. Proceeds of such sales will help Dubai's state-linked firms meet a heavy schedule of debt maturities in the next three years.
Reuters had reported in September that the Fontainebleau deal was close to being completed; the selling price was not immediately known. Dubai World had paid $375m in 2008 for its 50 percent stake in Fontainebleau Miami Beach.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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