(Crystal Proenza is associate editor of Real Estate Florida.)

MIAMI BEACH, FL- Nakheel Hotels, a division of Dubai-based property developer Nakheel, has acquired a 50% interest in the Fontainebleau Miami Beach resort for $375 million. It will partner with Las Vegas-based resort and casino developer Fontainebleau Resorts LLC in a $500-million renovation to the landmark Miami Beach hotel.

"We are always seeking to diversify our portfolio and add to our existing investments in North America, Asia and Europe," a Nakheel representative tells GlobeSt.com, adding that this is the company's first investment in Florida. "Fontainebleau is an incredibly iconic hotel located in one of America's top resort destinations. Investing in this property provides us a premier entrance into Miami, which, as one of the Unites States' major gateways, has been a key target for us."

The "new" Fontainebleau, originally designed in the 1950s by Morris Lapidus, is expected to open later this year. The renovated 17-acre oceanfront resort will include more than 1,500 luxury guest rooms and suites, a 40,000-sf spa, marquee restaurants, a nightclub, and 200,000 sf of meeting, convention and ballroom facilities.