Dubai: Istithmar World, a subsidiary of Dubai World, on Saturday confirmed the completion of the purchase of Kerzner International Holdings Limited's 50 per cent interest in Atlantis, The Palm in Dubai for $250 million, becoming the sole owner.
Atlantis, Dubai's megaresort flagship has 1,537 rooms, a waterpark and 18 restaurants.
Istithmar World and KIHL jointly developed the resort which opened in 2008. Kerzner is, and will continue to be, the operator of Atlantis, The Palm.
"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," the company said.
This acquisition is in line with our strategy of managing our assets for value and investing selectively where growth opportunities exist," said Shaikh Ahmad Bin Saeed Al Maktoum, Chairman of Dubai World, in a statement.
Istithmar was advised on the transaction by Moelis & Company, which acted as financial advisor, and New York law firm Wachtell, Lipton, Rosen & Katz.
