BREAKING NEWS: New Owners For Atlantis

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November 29, 2011

PRIME Minister Hubert Ingraham has announced that Kerzner intends to  transfer ownership of the Atlantis Resort  to Canadian company  Brookfield.

The deal, which covers all Kerzner’s Paradise Island properties  including the One and Only Ocean Club, will see Sol Kerzner stay on to manage the properties.

The Prime Minister said Brookfield Asset Management, a publicly-traded company with $159 billion in assets, has many years of  operating experience and more that $69 billion of property assets –  giving them special expertise in real estate.

Kerzner will continue to control all aspects of the operations at the  resort and other properties, which are expected to continue running  as they always have.

The deal is not expected to affect staff levels or alter the Atlantis  brand in any way.

The Tribune understands that the deal is a debt-for-equity swap worth  $175 million.

While at an advanced stage, the negotiations are still said to be  subject to government approval, which is expected to be granted by  the end of the year.

Sol Kerzner is scheduled to address the press at 2pm today.

Mr Ingraham said he will make a fuller statement on the matter when  Parliament meets this afternoon.

• 1.45pm: Kerzner has issued a statement quoting Sol Kerzner as saying: "The  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.

"As part of the 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.

"As the manager of these locations, Kerzner will remain in control of  all aspects of running these businesses and the resorts will continue  running as they always have.

"Kerzner and Brookfield are aligned with regard to the best interests  of the business moving forward, including: keeping future capital  expenditures and maintenance levels consistent with years past;  maintaining current employment levels and investing the same level of  resources into local and international marketing to support tourism  in the Bahamas and maintain brand visibility."

• Keep checking tribune242 for updates on this story throughout the day.

Click here to read more at The Tribune

News date : 11/29/2011    Category : Business, Press Releases, Tribune Stories

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