PARADISE ISLAND, THE BAHAMAS—Brookfield Asset Management has completed a $1.9-billion recapitalization of Atlantis, the sprawling casino resort it took over in 2012. A Brookfield spokeswoman confirms a Wall Street Journal report that Atlantis' owners have reached an agreement for a $1.75-billion credit facility and will also invest $195 million of equity in the property.

The WSJ also reported that Kerzner International Holdings Ltd., which developed the property and a comparable one in Dubai, would be removed as manager of the 171-acre resort. Marriott International said Wednesday it would add the 3,414-key Atlantis to its Signature collection, which will continue to operate independently under Brookfield's ownership. It will be Marriott's first Bahamas property and the 60th in the worldwide Signature portfolio.

“Having Atlantis, Paradise Island join our Autograph Collection is a milestone achievement for the brand and the company," says Arne Sorenson, Marriott's president and CEO. “We are excited to partner with Brookfield and put the full power of Marriott behind one of the world's most spectacular and popular resorts, while adding to our global resort portfolio in a key destination where we know our guests want to travel.”

The moves come as Atlantis faces new competition in the form of Baha Mar, a $3.5-billion project that will include a casino along with Grand Hyatt, Rosewood and SLS hotels and private for-sale residences. It's slated open this December.