Kerzner International announces billion-dollar deal In Dubai

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September 16, 2014

Kerzner International has announced a $1.4 billion investment in the next phase of its Atlantis resort in Dubai. The resort developer plans to build nearly 800 new guestrooms and more than 250 luxury residences as it expands the Dubai property, according to Mohammed Ibrahim Al Shaibani, executive director and CEO of Investment Corporation of Dubai (ICD) and chairman of Kerzner International.
The developers expect the Royal Atlantis Resort and Residences at The Palm to redefine luxury in Dubai, according to a release issued Monday morning.
Al Shaibani said the investment reaffirms ICD's commitment to support the long-term growth of Dubai's domestic hospitality market, a key pillar and growth sector for the Dubai economy. He stressed the importance of this investment for Dubai and its strengthening hotel and tourism industry as the Emirate prepares to host the Expo World Fair in 2020.
Features of the new project will include:
o An approximate total investment of $1.4 billion in the resort expansion and amenities;
o Nearly 800 new guest rooms and suites with architecture from Kohn Pedersen Fox Associates (KPF) and interior design by GA Design;
o 250 luxury residences designed by Sybille de Margerie Design;
o The chic new Sky Pool will soar almost 90 meters above The Palm, offering the ultimate "ultra-pool" experience with Dubai city views;
o New, never before seen marine experiences.
"The success of Atlantis, The Palm has continued to exceed our financial performance expectations year on year, and the time is right to usher in the next phase of this iconic development," commented Alan Leibman, chief executive officer, Kerzner International. "The Royal Atlantis Resort and Residences will offer a new resort living experience, completely taking it to the next level, while adding an entirely new dynamic with our ultimate residences. As we continue to focus on our global growth strategy, we are thrilled to be making such a significant impact in Dubai, and to be building off the success of the Atlantis brand, which has been so well-received from guests from all over the world."
ICD was established in May 2006 under a mandate to consolidate and manage the government of Dubai's portfolio of commercial companies and investments as well as provide strategic oversight to the portfolio. By way of developing and implementing investment strategy and corporate governance policies with an objective to maximize stakeholder value, for the long-term benefit of the Emirate.
ICD, as the investment arm of the government of Dubai, currently has a portfolio that represents a cross-section of Dubai's most recognized companies, in sectors that the government of Dubai has deemed to be strategic for the continued development of the Emirate. The sectors include: financial services, transportation, energy and industrial, real estate and leisure, retail and other holdings.
Kerzner International Holdings Limited, through its subsidiaries, is a leading international developer and operator of destination resorts, ultra-luxury hotels and residences and innovative entertainment and gaming experiences. Kerzner's flagship brand Atlantis, includes Atlantis, The Palm, Dubai, a 1,500-room, water-themed resort on The Palm, overlooking the Arabian Sea and mainland Dubai; and Atlantis, Sanya Hainan in China, which is under development. Under the One&Only brand, Kerzner manages eight of the top-rated luxury resort properties in the world, located in The Bahamas, Mexico, Mauritius, the Maldives, South Africa, Dubai and Australia. One&Only has announced three resorts under development--One&Only Sanya, One&Only Montenegro and One&Only Bahrain. Additionally, Mazagan Beach & Golf Resort, a 500-room destination golf and casino resort in Morocco, is also operated by Kerzner.
Kerzner International Holdings Ltd., the company that built Atlantis resorts in The Bahamas and Dubai, handed ownership of its flagship property to Brookfield Asset Management as part of a debt restructuring. Brookfield will forgive $175 million of junior debt for ownership of The Bahamas-based Atlantis and The Bahamas One&Only Ocean Club, as well as a half interest in the One&Only Palmilla in Mexico.
Kerzner, which also reached a deal with lenders to restructure its operating debt, will continue to run Atlantis Paradise Island and the One&Only resorts.

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News date : 09/16/2014    Category : Business, Nassau Guardian Stories

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