Kerzner Transfers Atlantis To Canadian Company

Tue, Nov 29th 2011, 01:58 PM

Prime Minister Hubert Ingraham advised this afternoon that Kerzner intends to transfer its ownership of the Atlantis Resorts and Paradise Island properties including the One and Only Ocean Club to Brookfield, a Canadian publicly-traded company with some $159 billion in assets.

He said that Brookfield has many years of operating experience and more that $69 billion of property assets giving them special expertise in real estate. The Atlantis Resort property will continue to be managed and operated by Kerzner International.

The Prime Minister said that he would make a fuller statement on the matter when Parliament meets this afternoon.Bloomberg reported this afternoon that move was part of a debt restructuring.Brookfield will forgive $175 million of junior debt for ownership of Atlantis and One&Only Ocean Club, as well as half interest in the One&Only Palmilla in Mexico, Bloomberg reported.

Click here to read more at The Nassau Guardian

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