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Istithmar Buys Atlantis Resort Stake from Kerzner

Istithmar Buys Atlantis Resort Stake from Kerzner

Dubai's Istithmar World said on Saturday it has became the sole owner of the Atlantis resort in Dubai after buying a 50 percent stake from luxury resort operator Kerzner International Holdings for $250 million.

April 29, 2012 8:51 by



Dubai’s Istithmar World said on Saturday it has became the sole owner of the Atlantis resort in Dubai after buying a 50 percent stake from luxury resort operator Kerzner International Holdings for $250 million. The Bahamas-based Kerzner International has been in talks with creditors to restructure $2.6 billion in mortgage debt. In August, the Wall Street Journal said the proceeds from Dubai’s Atlantis resort sale would go toward paying down a portion of the mortgage debt on a separate Atlantis resort in the Bahamas.



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