Dubai World unit Istithmar World has sold its 50 per cent stake in Miami Beach's landmark Fontainebleau hotel to south Florida developer Turnberry Ltd, a source close to the seller said on Tuesday.

Dubai World, one of the emirate's big state-owned conglomerates, declined to comment when contacted by Reuters.

It is the latest in a string of asset sales by Dubai World companies, as the conglomerate steps up its divestment programme following a $25 billion debt restructuring. Proceeds of such sales will help Dubai's state-linked firms meet a heavy schedule of debt maturities in the next three years.

Reuters had reported in September that the Fontainebleau deal was close to being completed; the selling price was not immediately known. Dubai World had paid $375 million in 2008 for its 50 per cent stake in Fontainebleau Miami Beach.-Reuters