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Atlantis to be sold to Canadian company

Kerzner International intends to transfer its ownership of the Atlantis Resorts and Paradise Island properties including the One and Only Ocean Club to a Canadian company with some $159 billion in assets, Prime Minister Hubert Ingraham announced Tuesday. 

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TheBahamasInvestor.com
Tuesday, November 29, 2011
Tuesday, November 29, 2011

Kerzner International intends to transfer its ownership of the Atlantis Resorts and Paradise Island properties including the One and Only Ocean Club to a Canadian company with some $159 billion in assets, Prime Minister Hubert Ingraham announced Tuesday.

Atlantis is Kerzner’s flagship brand, including Atlantis, Paradise Island, a 2,317 room unique, ocean-themed destination, as well as The Cove Atlantis and The Reef Atlantis.

The Prime Minister said that Brookfield Asset Management, a publicly traded company with some $159 billion in assets, has many years of operating experience and more than $69 billion of property assets, which gives them “special expertise” in real estate.

The Atlantis Resort property, however, will continue to be managed and operated by Kerzner International.


Earlier this month president and managing director of Kerzner International Bahamas George Markantonis said bookings at the country’s largest resort continue to climb year on year.

The hotel is running between 10 to 12 percentage points higher than last year due to the special events and prestigious groups the resort is hosting, such as last week ‘s Battle 4 Atlantis college basketball event.

Atlantis is expected to finish the year about 35 per cent ahead of 2010 in actual group room nights, according to Markantonis.

The Prime Minister is expected to deliver a fuller statement on the matter when Parliament meets later this afternoon.

tblair@dupuch.com

Pictured is The Bahamas delegation at the 27th Regular Session of the Assembly of the International Maritime Organisation in London, November 21, 2011 (Left to right): Paul Farquharson, high commissioner and permanent representative to the IMO; Efthimios E Mitropoulos, secretary-general of the IMO; Ian Fair, chairman, Bahamas Maritime Authority (BMA); Peter Goulandris, vice-chairman, BMA; Commodore Davy Rolle, director and chief executive officer, BMA; and captain Doug Bell, deputy director, BMA.

Kerzner International proposes to transfer its ownership of the Atlantis Resort and Paradise Island properties, including the One and Only Ocean Club, to Brookfield Asset Management, a publicly traded Canadian company with some $159 billion in assets. Pictured: Prime Minister the Rt. Hon. Hubert Ingraham on Tuesday, November 29, informs members in the House of Assembly of the restructuring of the ownership of Kerzner's Atlantis Resorts on Paradise Island. (BIS Photo/Peter Ramsay)

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