DUBAI: Dubai's Istithmar World said on Saturday it has became the sole owner of the Atlantis resort in Dubai after buying a 50 percent stake from luxury resort operator Kerzner International Holdings for $250 million.
The Bahamas-based Kerzner International has been in talks with creditors to restructure $2.6 billion in mortgage debt. In August, the Wall Street Journal said the proceeds from Dubai's Atlantis resort sale would go toward paying down a portion of the mortgage debt on a separate Atlantis resort in the Bahamas.
Kerzner International will continue to be the operator of the Atlantis resort, Istithmar said in a statement.
"This acquisition is in line with our strategy of managing our assets for value and investing selectively where growth opportunities exist," Chairman of Dubai World, Sheikh Ahmed bin Saeed al-Maktoum, said in the statement.
Istithmar is a unit of state-owned flagship conglomerate Dubai World but was not part of its 2009/10 debt restructuring.
Dubai, the business hub of the United Arab Emirates, stunned global markets in November 2009 when it sought a standstill on $26 billion in debts related to Dubai World. It struck a deal with banks last year, promising full repayment on the principal in five to eight years.
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