Who owns atlantis resort bahamas

The Bahamas resort was being handed over to Brookfield Asset Management, based in Toronto, as part of a debt restructuring. It will continue to manage the properties. One property analyst in Dubai said Atlantis The Palm had been unable to command the rates it had anticipated, as it opened at the end of , when the global economic downturn spread to the emirate. The resort, the biggest in Dubai, has 1, rooms. That's why they're discounting and packaging. Kerzner sells flagship Atlantis in Bahamas Kerzner International is handing over ownership of its flagship Atlantis resort in the Bahamas as part of an ongoing effort to manage a huge debt pile.

Rebecca bundhun. Sudan's military head appoints new apex council after takeover. No explanation or reason was given for why all bids were rejected. Nor were the identities of those behind the offers revealed, although former prime minister Perry Christie last year said he was representing one of the interested parties.

Mr Ruffin has never hidden his interest in, or admiration of, Atlantis. Normally a property like this will sell for seven to seven-and-a-half times earnings.

This property is showing its age and is in desperate need of much more than the patch-up band-aid type maintenance work done under Brookfield Asset Management's ownership over the past 8 years. The projected cash flow from this aged property is not good in relation to enormous renovation costs that need to be done not to mention the very high on-going annual maintenace costs. Kerzner International left Brookfield holding the proverbial empty bag and its doubtful the business case is there for the latter to spend the fortune necessary to properly renovate the property.

I suspect Brookfield will do a low-cost quick fix-up aimed at improving overall appearance and then dump the property, thereby realising the losses they have incurred on a bad investment.

The future buyer will want a significantly discounted purchase price knowing that it will get stuck with the more major renovation costs. It definitely needs a lot of work. Password Forgot? Confirm password. The Tribune Jump to content.

Upvote 0. Add photo. Sickened 1 year, 9 months ago It definitely needs a lot of work.