UPDATE 1-Dubai close to sale of Fontainebleau hotel in Miami | Reuters:
"* Fontainebleau would be second major sale this year
* Proceeds from sale to contribute to debt repayment
* Potential deal seen in few weeks - source
By Mirna Sleiman
DUBAI, Sept 2 (Reuters) - Dubai World is close to selling its 50 percent stake in Miami Beach's landmark Fontainebleau hotel to South Florida developer Turnberry Ltd, three sources aware of the matter said.
The sale will mark an acceleration of asset sales by Dubai World, which needs the proceeds to repay debt. The state entity, which restructured $25 billion of debt in 2011, has already made one major asset disposal this year - the sale of UK logistics warehouse developer Gazeley in June.
The Fontainebleau hotel in Miami Beach in Florida became famous in the 1960s as a playground for stars such as Frank Sinatra, Elvis Presley and Jerry Lewis."
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