LONDON-The local office of BMB Group, an investment firm basedin the Cayman Islands, has confirmed that it offered $3.4 billionin cash to take over hospitality firm Kerzner International. TheBahamas-based firm, which developed and owns resorts such as thepopular Atlantis chain in the Bahamas and Dubai, said in astatement that it is not for sale.

In a statement, BMB, one of the largest shareholders of Kerzner,said it believes that the hospitality and real estate assets withinthe company have significant potential, particularly in Asia.However, BMB said it would divest Kerzner’s casino assets if thedeal could be reached. Kerzner properties also include One &Only resorts, located in the Bahamas, Dubai, Mexico, South Africa,Maldives and Mauritius.

A subsidiary of BMB, based in Malaysia, is making the offer, butcompany officials said in the statement that the investors arespread out globally. BMB was founded by 2004 by Rayo SalahadinWithanage and H.H. Prince Abdul Ali Yil-Kabier of Brunai, but hasno official link to the Brunai government. Since 2009, the companyhas acquired the hospitality and investment firms ContrarianCapital and Alliance Capital Group, which have consolidated assetsof more than $4.5 billion.