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Will focus on managing resorts
Kerzner International Holdings Ltd., a developer and operator of destination resorts, casinos and luxury hotels under the Atlantis and One&Only brands, said it is shifting business strategy from that of owner/operator to that of a management company. As part of that switch, Kerzner has entered into an agreement in principle to turn over ownership of its Bahamian and Mexican assets to a fund owned by Brookfield Asset Management. Brookfield has agreed to exchange $175 million in debt for its equity stake in the Bahamian and Mexican entities.
“This transaction will permit Kerzner to move forward as a management company, allowing us to get back to doing what we do best—designing and managing world-class destination and luxury resorts under the Atlantis and One&Only brands,” said Sol Kerzner, chairman and ceo of Kerzner International. “As part of this arrangement, Kerzner will enter into a management contract with Brookfield to continue managing the day-to-day operations at Atlantis Paradise Island, One&Only Ocean Club and One&Only Palmilla.
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