Kerzner offloads half stake in Atlantis Hotel Dubai.Dubai World unit, Istithmar World, and co-owner of the Atlantis Hotel located on the Palm Jumeirah
The Palm Jumeirah is an artificial island created using land reclamation by Nakheel, a company owned by the Dubai government. island in Dubai, the primary tourist destination of the United Arab
Emirates (UAE), has agreed to buy the remaining fifty per cent of the property from Kerzner International Holdings Limited.
Kerzner, moving forward with a major overhaul of its current structure, made the announcement of the Atlantis sale intertwined with statements defining its revamped
strategy and the need to bolster its capital reserves. The offloading of assets was designed to position the South African firm, "with substantially less debt and a more
flexible operating structureAo, therefore rendering it more appropriate Aofor sustainable, long-term growth as a global management company".
In terms of debt restructuring Debt Restructuring
A method used by companies with outstanding debt obligations to alter the terms of the debt agreements in order to achieve some advantage.
Notes: , creditor Brookfield Asset Management This article or section is written like an .
Please help [ rewrite this article] from a neutral point of view.
Mark blatant advertising for , using . was also handed the keys of Atlantis Paradise Island and adjacent One & Only Ocean Club in
the Bahamas, giving them complete ownership. This transaction was concluded in return for BrookfieldAAEs write off of US$ 175 million in subordinated debt Subordinated Debt
A loan (or security) that ranks below other loans (or securities) with regard to claims on assets or earnings. Also known as "junior security" or "subordinated loan". .
Istithmar is now the sole owner of the 1,500 room Atlantis, The Palm This article contains information about a building currently under construction.
It may contain information of a speculative nature, and the content may change dramatically as construction progresses and new information becomes available. in Dubai; although Kerzner has confirmed that it will continue to manage the hotel under the terms
of a management contract spanning a number of years into the future. Parent Dubai World, finalised the restructure of almost US$ 25 billion in debt in March 2011, divided
into two phases to be repaid over 5 years and 8 years at a fixed interest rate of 2.4 per cent, respectively. Nakheel, the master developer of the Palm Jumeirah, also
originally a member of the Dubai World conglomerate, but now government-owned, concluded the restructure of US$ 16.1 billion in standalone debt in August
Chairman of Dubai World, Sheikh Ahmed Bin Saeed Al Maktoum, was quoted in comments made on the acquisition. "The performance of The Atlantis continues to exceed
our expectations. This deal, allowing us to become the sole owner of Atlantis, The Palm Dubai, effectively consolidates our investment in one of our best performing
assets, and one of Dubai's landmark properties. This acquisition is in line with our strategy of managing our assets for value and investing selectively where growth
opportunities exist," he added.
Over 2,000 celebrity guests attended what was billed as Aothe most expensive launch party in historyAo, rumoured to have cost close on US$ 24 million, for the official opening
of the Atlantis in Dubai on 20th of November 2008. One million fireworks fireworks: see pyrotechnics.
Explosives or combustibles used for display. Of ancient Chinese origin, fireworks evidently developed out of military rockets and explosive missiles and accompanied the spread of military explosives westward to , more or less ten times the volume employed at the Beijing Olympics opening ceremony, illuminated
the Palm Jumeirah that night, while organisers claimed that the display was visible from space.
Copyright Andy McTiernan. All rights reserved.
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