New owner for Kerzner's flagship resort
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
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