Brookfield Is Exploring Sale of Atlantis Resort in Bahamas

 

Brookfield Asset Management Inc. is exploring the sale of Atlantis Paradise Island Resort, a luxury destination in the Bahamas, according to people with knowledge of the matter.

The firm is working with an adviser to solicit potential interest in the sprawling resort, which includes multiple hotels, a casino and more than 10 swimming pools, said the people, who asked not to be identified because the talks are private. A representative for Toronto-based Brookfield declined to comment.

Brookfield obtained ownership of the Atlantis -- which was developed by South African hotelier Sol Kerzner and has hosted New Year’s Eve events headlined by artists including Fergie and Sting -- through a 2012 debt restructuring. The firm held aborted Atlantis deal talks with New York’s Ashkenazy Acquisition Corp., Nassau’s Tribune 242 reported in February. Last year, it refinanced $1.85 billion of debt on the resort, according to Morningstar Credit Ratings.

The Atlantis competes with Baha Mar, a mega-resort complex that Bloomberg Pursuits reviewed last May.

Brookfield has been active in the Bahamas previously, selling the One&Only Ocean Club on Paradise Island to Len Blavatnik’s Access Industries in 2014.

 

Bloomberg