(MENAFN- Khaleej Times) Istithmar World, a unit of Dubai World, has sold its 50 per cent stake in Miami Beach's landmark Fontainebleau hotel back to south Florida developer Turnberry, a source said on Tuesday.
Dubai World declined to comment when contacted by Reuters.
Reuters had reported in September that the Fontainebleau deal was close to being completed; the price was not immediately known. Dubai World originally paid $375 million in 2008 for its 50 per cent stake in Fontainebleau Miami Beach.
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