Kerzner International Holdings Ltd., the owner of several luxury getaways, is exploring selling its 50% stake in the Atlantis resort in Dubai to raise money to restructure $2.6 billion in mortgage debt coming due next week, said people familiar with the matter.
The proceeds would go toward paying down a portion of the mortgage debt on a separate Atlantis resort in the Bahamas, Kerzner's flagship property and one of the most popular resorts in North America, the people said. The debt matures Sept. 9.
Kerzner is in talks to sell the stake in the Dubai Atlantis to Istithmar World, Dubai's investment arm, the people said. Istithmar already owns the other half of the Dubai resort as Kerzner's partner and largest shareholder. Some people familiar with the discussions said the sale, if consummated, could reap as much as $250 million to $350 million.
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