Hotelier Kerzner completes $145m debt restructuring

  • Share via facebook
  • Tweet this
  • Bookmark and Share
Atlantis Hotel, Dubai

Atlantis Hotel, Dubai

Luxury resort operator Kerzner International Hotels Limited, the company that built Atlantis resorts in the Bahamas and Dubai, has completed its US$145m debt restructuring.

The Bahamas-based company, which sold its stake in Atlantis in Dubai last year, said the move will significantly reduce interest costs and allow it to reinvest in new projects. 

“With substantially less debt and with access to additional cash, we can continue to focus on our growth plans to develop new experiences around the world,” Alan Leibman, CEO of Kerzner International, said in an emailed statement.

The firm, which continues to operate Atlantis, One&Only and Mazagan resorts, recently announced two new resorts, the One&Only Montenegro and the One&Only Sanya in China.

Kerzner sold its 50 percent stake in Atlantis resort in Dubai and handed over ownership of the Bahamas-based Atlantis Paradise Island, and the adjacent Bahamas One&Only Ocean Club to creditor Brookfield Asset Management in April 2012.

Under the terms of the agreement Kerzner continues to manage the 1,500-room Dubai hotel. 

The luxury operator has struggled with debt since a US$3.6bn leveraged buyout in 2006 led by founder Sol Kerzner took it private for US$3.6bn.

Related:
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

Enter the words above: Enter the numbers you hear:

All comments are subject to approval before appearing

Further reading

Features & Analysis
Over half of suppliers asked for bribes by hotel managers - survey

Over half of suppliers asked for bribes by hotel managers - survey

Nearly three quarters of suppliers said they know of other firms...

3
The new RNB stars

The new RNB stars

How Jason Myers, Gert Kopera and Christian Gradnitzer plan to...

100-year anniversary of commercial passenger aviation

100-year anniversary of commercial passenger aviation

On New Year’s Day 1914, the first paying aeroplane passenger...

Most Discussed
  • 54
    Three UAE women attacked with hammer at London hotel

    I really feel that Arabian Business.Com should now close this comments page. This should be all about sympathy for the families not what it is/has turned... more

    Wednesday, 16 April 2014 1:06 PM - Adrienne
  • 51
    Why Dubai isn't a plastic city

    What is definitely not a plastic city. The Arabs have a culture dating back to several centuries. 50 years back Dubai was just a fishing village. Today... more

    Tuesday, 8 April 2014 3:49 PM - P. MADHUSUDAN
  • 48
    DMCC boss Ahmed Bin Sulayem entertains Robert Mugabe in Dubai

    @fga ''However today, simply because he decided to dispossess a few white farmers of their land and redistribute to the poorer indigenous blacks'' more

    Sunday, 13 April 2014 3:02 PM - Matt Williams