April 4, 2014 | 12:29 pm | Print
Above: Atlantis in the Bahamas
By the Caribbean Journal staff
The Investment Corporation of Dubai has purchased a “significant equity interest” in Kerzner International Holdings Limited from the Kerzner family.
Kerzner International operates the Atlantis and One & Only resort properties, which includes two Bahamas resorts and others in Mauritius, the Maldives, Mexico and South Africa.
ICD previously acquired the Atlantis, The Palm resort earlier this year, another Kerzner property.
Istithmar and certain affiliates of Goldman Sachs and Colony Capital will continue to have “significant holdings” in the company, IDC said.
“I am pleased to confirm that ICD has completed a major investment in KIHL,” said Mohammed Al Shaibani, executive director and CEO of IDC. “The business and its brands are synonymous with the luxury hotel industry, a sector which is of strategic importance to Dubai. Furthermore, this investment reaffirms ICD’s commitment to support the long term growth of our domestic hospitality market, a key pillar of and growth sector for the Dubai economy.”
The move means that Shaibani will take over as Chairman of Kerzner from the company’s founder, Sol Kerzner.
“I am exceptionally proud of all that has been accomplished at Kerzner International,” Kerzner said in a statement. “This is a significant milestone in my life after a long and happy career in the tourism industry and I wish the company well. I am confident that with ICD’s guidance, the company will fulfil on its upcoming expansions towards further growth and global reach.”
Shaibani said ICD saw “enormous potential”in expanding the KIHL footprint.
Alan Leibman will remain KIHL’s CEO.
Terms of the deal were not disclosed.