(MENAFN - Khaleej Times) Istithmar World, a subsidiary of Dubai World, has became the sole owner of Dubai's landmark development the Atlantis resort after acquiring the remaining 50 per cent stake from luxury resort operator Kerzner International Holdings for 250 million, or Dh925 million, the former confirmed on Saturday.
The 1.5 billion joint venture project was developed with Dubai government owned, Istithmar. The property has played an integral role in establishing Dubai as a world class tourist destination. The Bahamas-based 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, and one of Dubai's landmark properties. This acquisition is in line with our strategy of managing our assets for value and investing selectively where growth opportunities exist," Dubai World chairman Shaikh Ahmed bin Saeed Al Maktoum said in a statement.
Istithmar was advised on the transaction by Moelis and Company, which acted as financial advisor, and New York law firm Wachtell, Lipton, Rosen and Katz.
Atlantis, The Palm is a 1,537 room, ocean-themed destination resort located at the centre of the crescent of the man-made Palm Island in Dubai.
The resort utilises the 46 hectares site with 17 hectares of water park amusement, further marine and entertainment attractions and a collection of some of the most renowned restaurants including Nobu, Ronda Locatelli, Ossiano and Rostang-The French Brasserie.
It is home to one of the largest open-air marine habitats in the world, with some 65,000 marine animals in lagoons and displays including The Lost Chambers, a maze of underwater corridors and passageways providing a journey through ancient Atlantis.