Dubai says it now has full control of the Atlantis resort hotel perched atop its palm-shaped island after paying $250 million to buy out their financially troubled business partner Kerzner International Holdings Ltd.
Kerzner International’s restructuring has resulted in substantially all of its Paradise Island assets being transferred to Brookfield Asset Management in exchange for a release from $175 million debt.
Lenders planned to transfer Atlantis to a trust to be sold off at the best possible price were derailed when Brookfield tried to orchestrate a deal that eliminated any potential benefit for the other lenders.
For the fifth year in a row the Mss Teen USA pageant will be hosted at Atlantis. The pageant will take place July 24- 29.
Kerzner International has announced the promotion of Jennifer Glaisek Ferguson to Senior Vice President of Global Communication and Public Relations of the Company.
Kerzner International Holdings Ltd. has signed a deal to develop the One&Only Sanya resort overlooking the South China Sea in the southern island province of Hainan.
Prime Minister Ingraham said, “Our overriding responsibility is for the protection of Bahamian jobs and the long- term viability of Atlantis.”
There is no need for concern at the moment as it is in the lenders’ best interests that Kerzner’s property be successful, says prime minister Ingraham.
Brookfield Asset Management has cancelled the deal to exchange its $175 million of debt for controlling equity in the Atlantis Resort and other Kerzner properties.