Nakheel Hotels, a Dubai-based developer, has acquired a 50% stake in the One&Only Palmilla Resort in Los Cabos for $315 million.
The Dubai government-owned company, which has investments under management in excess of $3 billion, is buying its stake from Whitehall Street Real Estate Funds. Kerzner International, which manages the property under its One&Only brand, will continue to own the other 50% of the 172-room luxury resort.
"Latin America is very important in the global tourism market, and this deal marks our entry into this lucrative region," said Joe Sita, CEO of Nakheel Hotels.
The agreement expands an existing relationship between Nakheel and Kerzner. Nakheel owns a 30% of Kerzner International, and the two companies are joint-venture partners in Atlantis, the Bahamas; The Palm, Dubai; and One&Only Cape Town, South Africa.