Dubai sells $375m stake in Miami's Fontainebleau hotel

Latest asset sale ahead of a heavy schedule of debt maturities during the next three years
Dubai sells $375m stake in Miami's Fontainebleau hotel
By Reuters
Tue 17 Dec 2013 10:46 AM

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.

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