Normally a property like this will sell for seven to seven-and-a-half times earnings. This property is showing its age and is in desperate need of much more than the patch-up band-aid type maintenance work done under Brookfield Asset Management's ownership over the past 8 years. The projected cash flow from this aged property is not good in relation to enormous renovation costs that need to be done not to mention the very high on-going annual maintenace costs.
Kerzner International left Brookfield holding the proverbial empty bag and its doubtful the business case is there for the latter to spend the fortune necessary to properly renovate the property. I suspect Brookfield will do a low-cost quick fix-up aimed at improving overall appearance and then dump the property, thereby realising the losses they have incurred on a bad investment. The future buyer will want a significantly discounted purchase price knowing that it will get stuck with the more major renovation costs.
It definitely needs a lot of work. Password Forgot? Confirm password. The Tribune Jump to content. Kerzner International is handing over ownership of its flagship Atlantis resort in the Bahamas as part of an ongoing effort to manage a huge debt pile. The Bahamas resort was being handed over to Brookfield Asset Management, based in Toronto, as part of a debt restructuring. It will continue to manage the properties.
One property analyst in Dubai said Atlantis The Palm had been unable to command the rates it had anticipated, as it opened at the end of , when the global economic downturn spread to the emirate. The resort, the biggest in Dubai, has 1, rooms.
December Hear this out loudPauseIn December a totally transformed 1,room resort, inspired by an amazing legend opened on Paradise Island; Atlantis. With a acre waterscape of swimming pools, waterfalls, a lazy river ride, and six exhibit lagoons including a clear underwater tunnel in a shark habitat. Sol Kerzner Hear this out loudPauseFrom to , Sol Kerzner created the mythical city of Atlantis from the ground up — or, more accurately, from the seabed to the skies.
Then, the property still belonged to Kerzner International, which opened Atlantis in The property continues to be managed by Kerzner International Resorts.
During this time, guests of Atlantis are welcome to relax at one of our other 8 pools as an alternative, with Blu Pool located just steps away at Coral Towers. Hear this out loudPauseAny visitor exhibiting COVID symptoms at any time during their stay will be required to take a rapid antigen test and receive a negative result before being permitted to continue with their vacation.
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