Loading...
See More

Property mogul loses Bahama resorts

Dec 02 2011 09:04 Sapa

Related Articles

Hostile move on Kerzner group

Ramsay, Kerzner in legal fight

Sun Intl acquires landmark Sandton hotel

SA ski resort to go under the hammer

Boschendal wine farm to be sold

Golf estate industry suffers more misery

 

Johannesburg - Kerzner International Holdings handed ownership of two of its Bahama properties to Brookfield Asset Management as part of a debt restructuring deal, Business Day reported on Friday.

According to the report, Kerzner's $175m (about R1.4bn) debt owed to Brookfield would be wiped clean for ownership of the Bahamas-based Atlantis and the Bahamas One&Only Ocean Club. The deal included a 50% interest in the One&Only Palmilla in Mexico.

Kerzner has struggled with debt since the 2008 financial crisis, the newspaper reported.

The properties taken over by Brookfield were about $2.6bn (about R20.9bn) in debt. Kerzner was working with Brookfield to extend the dates when the remaining debt was due.

Kerzner would still run the properties. CEO Sol Kerzner was quoted as saying the deal would allow "us to get back to doing what we do best - designing and managing world class destination and luxury resorts under the Atlantis and One&Only brands".

 
sol kerzner  |  property
NEXT ON FIN24X

 

Lastest Articles

Here is how to check your credit score and manage it Read More...
Top tips to save money over the festive period Read More...
These are the top 5 most fuel efficient cars in SA Read More...
What to consider when switching medical aid schemes Read More...
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
5 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

We're talking about:

Small Business

Retailers of any shape and size can now unlock the power of mobile transacting.
 

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...
Loading...