Canadian investment firm completes acquisition of Atlantis resort in Bahamas

The Associated Press

NASSAU, Bahamas - The government of the Bahamas says a Canadian investment firm has completed its acquisition of the Atlantis resort from struggling Kerzner International.

Bahamas Prime Minister Hubert Ingraham says in a statement that the government approved a modified version of the transaction that was announced in November.

Toronto-based Brookfield Asset Management will assume ownership of Atlantis and the nearby One & Only Club. Both are on Paradise Island. Brookfield will waive $175 million in debt owed by Kerzner, which will continue to manage the properties.

The government said Friday that Brookfield agreed to invest $50 million in Atlantis per year and maintain a workforce of 8,000.

Kerzner sold after failing to restructure $2.6 billion in debt. Atlantis is among the largest Caribbean resorts with more than 4,000 rooms.