Kerzner International Holdings has revealed that it has transferred ownership of its flagship Atlantis Paradise Island resort in the Bahamas to Brookfield Asset Management.

Brookfield will also acquire the One&Only Ocean Club and One&Only Palmilla resorts as Kerzner "shifts" its strategy from being an owner/operator to a management company.

Kerzner said the move will allow it to continue growing the Atlantis and One&Only brands and has signed a management contract for the day-to-day operation of the resorts.

An agreement in principle for the ownership transfer also sees Brookfield agree to exchange of US$175m (EUR130m, £111m) of debt for equity in the Bahamian and Mexican groups.

Kerzner chair and chief executive officer Sol Kerzner said: "This transaction will permit Kerzner to move forward as a management company, allowing us to get back to doing what we do best.

"Kerzner will continue to own the Atlantis and One&Only brand names and retains the right to develop additional resort properties under these names."

The ocean-themed Atlantis Paradise Island resort includes one of the largest casinos in the Caribbean, the Dolphin Cay interaction and education centre and a Mandara spa.

Image: Atlantis Paradise Island - John Casale