Friday, August 1, 2014   

Dubai buys Kerzner stake in Atlantis hotels
(04-03 20:16)

A Dubai government conglomerate said it bought a “significant'' stake in the international hotel operator that runs the Atlantis hotel on the city's main palm-shaped island.
Investment Corporation of Dubai said it bought the stake in Kerzner International Holdings from the family of founder Sol Kerzner and several institutional investors. It did not disclose the size of the stake or the purchase price. ICD is the investment arm of the Dubai government.
Goldman Sachs and Colony Capital also have holdings in the company. Another state-owned Dubai firm, Istithmar World, bought out Kerzner's stake in the Atlantis Palm in Dubai in 2012.
Kerzner still runs the hotel operations for the One&Only and Atlantis brand in Dubai, as well resorts in the Bahamas, Mauritius, Maldives, Mexico and South Africa. A new Atlantis resort is being planned in China.
ICD chief executive Mohammed Al Shaibani said: “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.’’
ICD's holdings include the Middle East's biggest airline Emirates and a stake in Emaar Properties, the builder of the world's tallest tower, the Burj Khalifa. --AP

   
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