Istithmar World takes over Dubai resort
Dubai, April 28, 2012
Istithmar World, a subsidiary of Dubai World, said it has become the sole owner of Atlantis, The Palm Dubai after acquiring a 50 per cent stake in the emirate's flagship resort from Kerzner International Holdings for $250 million.
Istithmar World and luxury resort operator Kerzner International Holdings had jointly developed the resort which opened in 2008.
Despite the acquisition, Kerzner is, and will continue to be, the operator of Atlantis, The Palm, said a statement from Istithmar World.
Atlantis The Palm boasts of 1,537 rooms, a world class waterpark and 18 restaurants. The resort has played an integral role in establishing Dubai as a world class tourist destination, the statement added.
Commenting on the acquisition, Sheikh Ahmed Bin Saeed Al Maktoum, the chairman of Dubai World, said this was is in line with the company's strategy of managing its assets for value and investing selectively where growth opportunities exist.
"The performance of The Atlantis continues to exceed our expectations. This deal, allowing us to become the sole owner of Atlantis, The Palm Dubai, effectively consolidates our investment in one of our best performing assets, and one of Dubai’s landmark properties," he added.
Istithmar was advised on the transaction by Moelis & Company, which acted as financial advisor, and New York law firm Wachtell, Lipton, Rosen & Katz.-TradeArabia News Service