A Sale May Be Pending But It's Sexy Business as Usual at The Fontainebleau
UPDATE 9.6.13: A rep for the hotel emailed us to say, "We're having our most successful year on record since reopening in 2008. We're averaging over 80% occupancy a year and have the highest revenues in the history of Fontainebleau. In fact, Fontainebleau is one of the most profitable non-casino hotels in the world." In other words, party on.
It's unbelievable that even in the face of financial troubles, Miami Beach's legendary Fontainebleau is still partying like all's right in the world.
The hotel capped off their summer of BleauLive concertsthis past weekend with a performance by singer Robin Thicke and Grammy-winning producer/musician Pharrell Williams. The duo took to the stage and performed their monster summer hit, "Blurred Lines."
Meanwhile, the details are equally blurry regarding the upcoming sale of The Fontainebleau to South Florida developer Turnberry Ltd. Dubai World, who has 50 percent stake in the hotel, has already unloaded other assets to repay $25 billion worth of debts, with the SoBe hotel the most recent on the chopping block.
According to an article in Reuters, the sale of the hotel will be completed in a few weeks, but the price is being kept hush hush according to their source, and Dubai World's spokesman would not comment.
The Fontainebleau is a legendary hotel that's hosted the likes of the Rat Pack back in the swinging 60s. After many years, it fell out of fabulous flavor and the public eye. Enter Dubai World in 2008 with a fat check for $375+ million and request for 50% stake in the hotel ( which borrowed $620 million to restore it to its former glory) and The Fontainebleau was reborn.
Unfortunately financial woes have taken ahold of the Dubai company since 2009, and they've been steadily selling off overseas assets in order to repay their creditors. Other Dubai World assets listed to be up for future sale include MGM Resorts and Inchcape Shipping Services.
No doubt with all the construction and new builds going on in Miami, all eyes will be on the fate of The Fontainebleau.
Meanwhile, it doesn't appear superstars like Thicke are troubled with such business. The night before his performance, he and wife, actress Paula Patton dined at the hotel's signature restaurant Hakkasan, and also played with son Julian in the pool. Hey, hey, hey.
[Photos: Fontainebleau Miami Beach]