Kerzner International Holdings Ltd., the company that built Atlantis resorts in the Bahamas and Dubai, has handed ownership of its flagship properties to creditor Brookfield (BAM) Asset Management and partner Dubai World in a debt restructuring.
Kerzner sold a 50 percent stake in Atlantis the Palm in Dubai to resort co-owner Istithmar World, a unit of Dubai World, for $250 million, according to a statement. Brookfield will forgive about $175 million of junior debt for ownership of the Bahamas-based Atlantis Paradise Island, and the adjacent Bahamas One&Only Ocean Club. The transactions closed today.
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