Nakheel Hotels in Acquisition of 50% Stake in the Fontainebleau Miami Beach Resort

Cleary Gottlieb represented Nakheel Hotels in its acquisition of a 50% interest in the Fontainebleau Miami Beach resort for $375 million, and the negotiation of related joint venture and hotel management arrangements. The deal closed on April 9.

Designed by legendary architect Morris Lapidus and serving as a celebrity destination for more than half a century, the resort is located on 17 acres of ocean-front property in Miami Beach. On completion of its $500 million renovation, the resort will have more than 1,500 luxury guest rooms and suites. In the event that gaming is legalized in Florida, the deal documentation provides for the reconfiguration of the property to permit the operation of a casino and gaming activities at the resort.

Nakheel Hotels is a fully integrated hotel investment and development company that invests money on behalf of the government of Dubai. Fontainebleau Resorts, LLC is a private resort and casino developer whose projects also include a new 63-story Fontainebleau Las Vegas on the Las Vegas strip.