Funds News

Dubai Nakheel buys into Mexico resort for $315 mln

DUBAI, Feb 23 (Reuters) - Dubai developer Nakheel, which is building palm tree-shaped islands off Dubai’s coast, said on Saturday it had agreed to buy 50 percent of a Mexican resort for $315 million, its first foray into Latin America.

The Dubai government-owned firm, which is developing about $60 billion of projects, would buy the stake from Whitehall Street Real Estate Funds, managed by Goldman Sachs & Co GS.N, it said in a statement on Saturday.

Kerzner International owns the other 50 percent of the 172-room resort in Los Cabos, which operates under the One&Only luxury hotel brand, Nakheel said.

“Latin America is very important in the global tourism market,” Nakheel Hotels Chief Executive Joe Sita said in the statement.

Nakheel, with operations in North America, Asia and Europe, last month doubled its stake in Australia's Mirvac Group Ltd MGR.AX to expand its operations in the country. (Writing Daliah Merzaban; Editing by Anthony Barker)