NASSAU, Bahamas -- 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's statement in Parliament:

Mr. Speaker:

Early this afternoon Kerzner International announced the reorganization of its business operations internationally including The Bahamas.

As I informed the press a few hours ago, Kerzner International proposes to transfer its ownership of the Atlantis Resort and Paradise Island properties, including the One and Only Ocean Club, to Brookfield Asset Management, a Canadian publicly-traded company with some $159 billion in assets.  Brookfield is a well known Canadian Company with many years of operating experience and more than $69 billion of property assets giving them special expertise in real estate.  

I advise Honourable Members that I have met with representatives of Brookfield on two occasions and held a number of additional meetings with Mr. Sol Kerzner in connection with the proposed change in ownership of the Paradise Island properties.  

I confirm that the Atlantis Resort and the One and Only Ocean Club will continue to be managed and operated by Kerzner International.

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