Dubai’s shares of Fontainebleau Sold

Soffers buy out Dubai’s share at Fontainebleau - Business - "... The Dec. 13 agreement allows Istithmar to earn an undisclosed bonus “in the event the state of legalized gaming in Florida, in the future, facilitates gaming” at the Fontainebleau. The provision essentially lets Dubai retroactively collect what its share would be worth today if the Fontainebleau had a casino. Jeff Soffer backed a push in 2008 to allow large resort casinos in Florida, and hoped to open a string of Fontainebleau casinos around the world before plans for resorts in Las Vegas and Dubai itself fell apart during the recession. Soffer declined to comment on the agreement, and a request for comment from Nakheel’s media office was not immediately answered. Soffer and his sister, Jackie, preside over Turnberry, the family real estate operation that includes the Aventura Mall, the Fontainebleau and a large portfolio of residential, hotel and commercial projects...."

Terra Group buys Miami Beach hotel for $65M - South Florida Business Journal"Gil Dezer’s Dezer Properties sold the 230-room hotel at 8701 Collins Ave. to 8701 Collins Development, an affiliate of Miami-based Terra Group, which is best known as a condo developer but also has hotel experience."

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