Luxury resort planned for Dubai's 'World' islands

by Sean Cronin Thursday, 03 July 2008

Billionaire tycoon Sol Kerzner plans to develop a 'One&Only' resort on The World development of offshore islands in Dubai as he plans more ventures with state-controlled developer Nakheel.

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"We have a One&Only planned for the World and we are hoping to get one done in Bangkok. We are also looking at a second project in Mexico as well as one or two others," Kerzner told Arabian Business.
Kerzner launched the brand of luxury hotels in Europe in 2002 and the chain currently includes properties in Mauritius, the Maldives, the Bahamas and Mexico in addition to the existing Dubai hotel. It is developing more sites in South Africa, Zanzibar and Costa Rica.

Kerzner will open the massive $1.5 billion Atlantis project on Dubai's Palm Jumeirah on September 24. The 1500-room hotel will include a range of aquatic displays and 65,000 marine animals, as well as the largest water park in the Middle East.

Nakheel has an undisclosed shareholding in Kerzner International. Other shareholders include Goldman Sachs and Baron Capital Group.

Kerzner was taken private in March 2006 in a deal worth about $3 billion.

Nakheel acquired 50% of Kerzner's Mexico One&Only resort earlier this year for $315 million, while Kerzner will also manage a $150 million resort being developed by Nakheel's parent company, Dubai World, in Zanzibar.



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