Kerzner International Unloads Three Resort Properties

Brookfield Asset Management has acquired three properties from Kerzner International Holdings as part of a debt-restructuring deal. The resorts are the 2,900-room Atlantis Paradise Island and the 106-room One&Only Ocean Club in the Bahamas, as well as the 172-room One&Only Palmilla in Lost Cabos, Mexico. Brookfield, one of Kerzner's lenders, assumes $175 million of Kerzner's debt in a debt-for-equity swap. Kerzner will continue to manage the three resorts. In a statement about the deal, Kerzner International  chairman and CEO Sol Kerzner said, "Kerzner International has shifted its forward business strategy from that of owner/operator to that of a management company, under which it will continue to grow the Atlantis and One&Only brands worldwide."