Investment Corporation of Dubai Acquires Equity Interest in Kerzner International
Thursday April 3rd, 2014 - 10:44AM B
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DUBAI—Investment Corporation of Dubai (ICD) has completed the purchase of a significant equity interest in Kerzner International Holdings Limited (KIHL), from the Kerzner family and several other institutional investors, for an undisclosed sum.
Istithmar and certain affiliates of Goldman Sachs and Colony Capital will continue to have significant holdings in the international developer and operator of destination resorts and luxury hotels. The transaction, which represents a new chapter for the business, will see H.E. Mohammed Al Shaibani, executive director and CEO, ICD, take over as Chairman of the international hotel operator from its founder, Sol Kerzner.
KIHL operates globally under the One&Only and Atlantis brands, with international presence, significantly in Dubai with three resorts, two resorts in The Bahamas, and more in Mauritius, The Maldives, Mexico, South Africa and Australia in the near future. This new strategic move by ICD in the hotel and tourism sector in Dubai follows its acquisition earlier this year of Atlantis, The Palm resort.
Tags: equity interest • Kerzner • ICD • Hospitality • Brands •
When you hear all the lodging industry projections for the months and years to come, much of the robust growth is forecast to be the result of the expected influx of travelers from China. In what could only be seen as good news for the industry, that expectation moved a little closer to reality when President Obama signed a visa waiver extension for Chinese travelers earlier this month.