Luxury resort operator Kerzner International Hotels Limited, the company that built the Atlantis resort on Dubai’s Palm Jumeirah, has signed a deal to develop the first One&Only Resort in Saudi in Jeddah on the Red Sea, it was announced on Monday.
Kerzner signed the partnership for the hotel with Saudi developer Al Khozama Management Company and operator Saudi Oger.
The first One&Only-branded property in the kingdom, the resort will have approximately 150 guest rooms, suites and villas, a One&Only residential component, dining and retail options, a health spa and 230 metres of beachfront.
The 95,000 sq m property will be located in Obhur, north of Jeddah and less than 30 minutes from King Abdulaziz International Airport
“I am thrilled we are able to partner with Al Khozama Management Company and Saudi Oger to develop this world-class destination. Jeddah is the perfect location for the first One&Only experience in the Kingdom of Saudi Arabia,” said Alan Leibman, CEO, Kerzner International.
“The beachfront location is remarkable and I am very confident the resort will be well received by our many loyal One&Only guests and new guests alike.”
“Al Khozama is proud to be associated with Saudi Oger and Kerzner International. We are excited about this new development and its expected contribution to the continued growth of Jeddah in particular and that of the country’s hospitality sector in general,” commented His Highness Prince Bandar bin Saud bin Khalid, Chairman, Al Khozama Management Company.
In March, Bahamas-based Kerzner completed its $145m debt restructuring. The luxury operator, 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,” Leibman said in a statement at the time.
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 $3.6bn leveraged buyout in 2006 led by founder Sol Kerzner took it private for US$3.6bn.
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