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Nakheel Hotels acquires 50 percent stake in One&Only PalmillaFebruary 27, 2008 By: Travel Agent Central Contributor Travel Agent
Dubai-based Nakheel Hotels said that it has entered into definitive agreements to acquire a 50 percent stake of the Mexican resort, One&Only Palmilla in Los Cabos, based on a total enterprise value of $315 million, according to a written release. The resort is a 172-room ocean front resort managed by Kerzner International. One&Only Palmilla is located on the Southern tip of Mexico's Baja Peninsula and is in close proximity to San Jose del Cabo International Airport. 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 percent stake. (JP)