Brookfield Recaps Bahamas Resort for $1.9B

PARADISE ISLAND, THE BAHAMAS—The 3,414-key casino resort is about to join Marriott International's Signature collection while operating independently under Brookfield's ownership.

By Paul Bubny | Updated on July 02, 2014

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.

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