Sol Kerzner's investment changed The Bahamas and helped improve the lives of the people who live on these islands.

The South African took over the struggling Paradise Island resorts in the 1990s. His Atlantis then became a sprawling resort destination that employed thousands of Bahamians, bringing tens of thousands of visitors to our country over the years. After Disney, Atlantis probably comes to mind when North Americans think of family vacation destinations.

Things were going well for the resort until the financial crisis of 2008 and the subsequent Great Recession. Kerzner International had taken the publicly-traded company private before the collapse. Once revenues diminished the resort company could no longer service the debt it signed up to.

Two years ago, Brookfield Asset Management, one of Kerzner International's creditors, took the company's crown jewels - Atlantis and the Ocean Club - in part of a debt satisfaction agreement. The company still has not totally finished resolving its debt issues.

Kerzner International continued as a resort management, development and branding company responsible for the management of Atlantis and the Ocean Club after it divested of those assets in 2012.

Last week, we learned that an investment arm of the Dubai government, Investment Corporation of Dubai (ICD), bought a major stake in Kerzner International and that the company's founder, Sol Kerzner, was replaced as chairman.

A spokesperson for ICD declined to comment when asked exactly what stake the corporation acquired in Kerzner International, which is also part-owned by Goldman Sachs and California-based Colony Capital. However, the Associated Press reported that ICD would assume a stake of 46 percent. The CEO of ICD, Mohammed Al Shaibani, has replaced Kerzner as chairman.

Though the companies involved did not say it explicitly, it appears that Kerzner is totally out of the business he turned into a global success before its financial struggles.

Kerzner will go down as one of the most significant investors in the history of the modern Bahamas. It is no exaggeration to say the boom of the 1990s in this country was driven largely by his development. Bahamians were able to take advantage of high-paying jobs at all ends of the pay scale because of Kerzner. His company also gave back to the community in various ways, including the upgrade of community parks and public spaces. The resort Kerzner founded remains the largest private employer in The Bahamas.

George Markantonis, president and managing director of Atlantis for Brookfield Hospitality, who is also the last CEO of the resort hired under Kerzner's watch, declined to comment on the transaction but paid tribute to Kerzner's role in building Atlantis and the company.

"We're just happy that Mr. Kerzner will get a chance for some well-deserved rest. The good news is that he has a home in Ocean Club Estates, and so hopefully we'll get to see more of him," he said.

Kerzner came to The Bahamas as an experienced hotelier whose family was in the business before him. He had significant success in the hospitality sector before making his big bet here. There is a lesson for The Bahamas and its policymakers in these simple parts of Kerzner's story: Work with developers who have proven track records in delivering what they promise to do in The Bahamas. These types of resort properties do better. We should always be skeptical of so-called resort developers who have never built or managed a resort.

Many Bahamians take Atlantis for granted. Those who do should take a tour of the Caribbean. There is nothing in the region like it. Our neighbors would give nearly anything to have an Atlantis on their territory.

As Kerzner goes on to his next phase of life we should all wish him well. The Bahamas was bettered by his decision to come here.

Click here to read more at The Nassau Guardian