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.For all the latest travel news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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