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Nakheel Hotels to acquire 50pc Mexico resort stake for $315m
DUBAI — Dubai-based Nakheel Hotels yesterday announced that it has entered into definitive agreements to acquire a 50 per cent stake of Mexican resort, One&Only Palmilla in Los Cabos, based on a total enterprise value of $315 million.
Nakheel Hotels is acquiring its stake from certain funds affiliated with the Whitehall Street Real Estate Funds, a series of real estate opportunity funds sponsored and managed by Goldman Sachs & Co, while existing joint venture partner, Kerzner International, will retain its 50 per cent stake.
The resort is a 172-room ultra-luxury ocean front resort managed by Kerzner International under the award-winning One&Only brand. It features a Jack Nicklaus 27-hole championship golf course, a world class 22,000 sq ft spa featuring 13 spa villas, a 7,000 sq ft executive conference centre, two oceanfront infinity swimming pools, acclaimed restaurants and a wedding chapel. One&Only Palmilla is located on the Southern tip of Mexico's Baja Peninsula and benefits from oceanfront natural beaches, its own private peninsula and close proximity to San Jose del Cabo International Airport.
Joe Sita, Chief Executive, Nakheel Hotels, said: "One & Only Palmilla represents an important investment for Nakheel Hotels. We are constantly looking for opportunities to add value to our investments in companies such as Kerzner and this acquisition fulfils that strategy perfectly. Latin America is very important in the global tourism market and this deal marks our first entry into this lucrative region. We are always seeking to diversify our portfolio and add to our existing investments in North America, Asia and Europe."
Sol Kerzner, Chairman and CEO, Kerzner, said: "The resort itself is at the ultra-luxury end of the market and offers a very favourable investment opportunity for Nakheel Hotels. One &Only Palmilla is one of the top performing resorts in Latin America and has won numerous accolades including the Top Scoring Property in the Americas 2008 in Condé Nast Traveler (US) Readers' Choice Awards."
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