Dubai says it now has full control of the Atlantis resort hotel perched atop its palm-shaped island.
State-run investment firm Istithmar World said late Friday it paid $250 million to buy out financially troubled business partner Kerzner International Holdings Ltd., which had held a 50 percent stake in the coral-colored hotel. Istithmar already owned half of the property.
Kerzner will continue to operate the resort, which includes a waterpark and 18 restaurants, Istithmar said.
It agreed to give up its stake in the Dubai property and a similar resort in the Bahamas after struggling to restructure $2.6 billion in debt. Canada’s Brookfield Asset Management acquired the Bahamas property in a previously announced deal by agreeing to waive $175 million in debt owed by Kerzner.
Kerzner said it plans to use proceeds from the Dubai sale to reduce its debt load.
