Co-Lenders Sue Brookfield Over $175M Atlantis Hotel Deal

Law360, Wilmington (January 5, 2012, 9:14 PM EST) -- Lenders that helped finance the $2.5 billion mortgage on the Atlantis Paradise Island resort in the Bahamas sued co-lender Brookfield Asset Management in Delaware on Wednesday to block Brookfield from swapping its portion of the loan for control of the resort and other properties.

After defaulting on the mortgage, resort and hotel developer Kerzner International Holdings Ltd. announced a deal in November to transfer the equity in the Atlantis, along with ownership interests in two other luxury resorts, to Brookfield in return for the asset manager...
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