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Property mogul loses Bahama resorts

Dec 02 2011 09:04
Sapa

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".

 
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