Brookfield Acquires Resorts In $175M Property Transfer

Law360, New York (November 29, 2011, 7:10 PM EST) -- Resort and hotel developer Kerzner International Holdings Ltd. agreed to transfer the equity of three of its Bahamian and Mexican assets to lender Brookfield Asset Management for $175 million of debt, the company announced Tuesday.

Brookfield will acquire an ownership interest in Atlantis Paradise Island, a 2,317-room, ocean-themed destination resort in The Bahamas and One&Only Ocean Club and One&Only Palmilla, luxury resorts located in the Bahamas and Los Cabos, Mexico, respectively. In return, the lender will exchange about $175 million of debt from a 2006 loan...
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