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Sat 23 Feb 2008 04:50 PM

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Nakheel splashes $315mn on Mexico resort

Dubai-owned developer agrees to buy 50% of Los Cabos resort, first foray 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)

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