MIAMI-The Soffer family's Turnberry Associates is reportedly close to acquiring the remaining 50% of the Fontainebleau Miami Beach resort here.
Multiple media reports say that the government of Dubai is close to selling the 50% stake in the Fontainebleau back to the Soffers, who purchased the resort in 2005 and completed a $700-million renovation of the property three years later.
In 2006, the government of Dubai paid $375 million for 50% ownership of the resort. Reuters and the Financial Times both have reported the pending Fontainebleau transaction, citing unnamed sources. The proceeds of the sale will help fund Dubai's 2011 restructuring of $25 billion in debt. Reuters reports that the sale to Turnberry is expected to be signed within a few weeks. See story in the Miami Herald.
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