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Kerzner's Atlantis Resort in Bahamas Sold to Canadian Property Company

The resort company, Kerzner International, recently sold their Atlantis Resort in the Bahamas to another company. This magnificent hotel attraction, considered one of the best to spend Bahamas holidays in, now belongs to a Canadian property company.

Kerzner's Atlantis Resort in Bahamas Sold to Canadian Property Company

In order to help ease its debt burden, the global resort company, Kerzner International, transferred the ownership of one of their top resorts in the Bahamas to a new company. Brookfield Asset Management, a Canadian property company, is now the owner of the magnificent Atlantis Resort Paradise Island. . This beach resort property, considered one of the largest and best-known Bahamas hotels, has always been very popular among foreign travellers and especially among families going on Bahamas holidays.

Kerzner International stated that it had reached an agreement with Brookfield to pass over the ownership of Atlantis on Paradise Island in the Bahamas as well as some other company’s assets. Some of Krezner’s Paradise Island properties including the One and Only Ocean Club are now owned by Brookfield while tackles their US $175 million debt.

Kerzner International plays an important role in the economy of the Bahamas, being the single largest private sector employer in the country. The company accounts for some 5 per cent of the labour force with 8,000 direct jobs which attract an annual payroll of approximately $189 million, its resorts and hotels in the Bahamas are popular venues for visitors spending holidays in Bahamas.

On Tuesday, Hubert Ingraham, the Prime Minister of Bahamas, let the media know, that he had had several meetings with officials of both companies: Brookfield and Krezner. These meetings lead up to transactions to get assurances on job security, since this operation contributed an approximate of 18,000 to 20,000 direct and indirect jobs, or 15 per cent of all jobs in the nation’s economy.
Formerly known as Sun International, Kerzner International first entered the Bahamas in 1994. Ingraham described this as a low point in the country’s tourism performance, and he credited the group of being ‘overwhelmingly responsible’ for revitalising the tourism sector in the country by raising the popularity of Bahamas holidays.

The Bahamian Prime Minister also credited Kerzner for its additional contributions to the economy of Bahamas. He outlined Kerzner’s operations as being $190 million annually in local purchases of goods and services; $47 million paid each year for electricity consumption, almost $27 million annually in business license fees and $20 million annually in room occupancy fax.

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