Canada’s Brookfield Asset Management is exploring the sale of its luxury resort in the Bahamas for US$2.5 billion, according to Reuters and Bloomberg.
Toronto-based BAM is working with an advisor to attract potential buyer interest and could fetch that amount, the wire services reported while citing unidentified sources.
BAM gained control of the Atlantis Paradise Island resort in 2011 when previous owner Kerzner International exchanged ownership in a debt-for-equity deal. The Canadian asset manager provided $175 million of Kerzner’s debt in return, according to Reuters.
Bloomberg reported that BAM has completed US$100 million in renovations on Atlantis and also explored selling it in 2019; however, the effort was halted due to the COVID-19 pandemic.
Atlantis was the brainchild of late South African developer Sol Kerzner and has hosted New Year’s Eve events featuring big-name stars such as Sting, according to Bloomberg, The property includes several hotels, meeting space and a water park.
BAM said in August that it is planning large global investments as property values plummet.
Monte Stewart serves as Content Director - Canada for Connect Commercial Real Estate.
Based in Vancouver, British Columbia, Monte provides daily news coverage of major Canadian commercial real estate markets, including Vancouver, Toronto, Montreal and Calgary. He has written about the real estate sector for various media outlets and Avison Young since the early 2000s.
In addition, he has covered sports, general news and business for several leading wire services and publications, including The Canadian Press, The Associated Press, The Calgary Herald, The Globe and Mail, Research Money, The Daily Oil Bulletin, Natural Gas World and The Toronto Star.
Monte is active in his community as a youth basketball coach and raises funds for such charitable causes as Movember.