Luxury resort operator Kerzner International Holdings Ltd may sell its 50 per cent stake in the Atlantis resort in Dubai to raise money to restructure $2.6 billion in mortgage debt coming due next week, the Wall Street Journal reported on Wednesday, citing sources.
The Bahamas-based company is in talks to sell the stake to Istithmar World, Dubai’s investment arm, people familiar with the matter told the Journal.
The sale, if consummated, could reap as much as $250-$350 million, the people said.
The proceeds would go toward paying down a portion of the mortgage debt on a separate Atlantis resort in the Bahamas, Kerzner’s flagship property and one of the most popular resorts in North America, the report said.
Kerzner International has been in talks with creditors to extend maturities on its debt due next month.
