Brookfield sells One&Only Ocean Club to Access Industries

Canadian alternative assets manager Brookfield Asset Management and its institutional partners have sold One&Only Ocean Club, a resort on Paradise Island in the Bahamas. The buyer is U.S. industrial group Access Industries Inc. The financial details of the transaction were not published. As part of the deal, Access also acquired additional beachfront property for future development. Kerzner International Holdings Ltd, a developer and operator of destination resorts, casinos and luxury hotels, will continue to be the resort’s manager.

PRESS RELEASE

Access Industries Announces Acquisition of One&Only Ocean Club

– Kerzner International to continue to manage Resort on Paradise Island, The Bahamas –- Access and Kerzner committed to investing in excellence at the resort and continuing to deliver a world-class ultra-luxury experience –

PARADISE ISLAND, The Bahamas, Jun 05, 2014 (BUSINESS WIRE) — Access Industries (“Access”) today announced that it has acquired the renowned One&Only Ocean Club on Paradise Island in The Bahamas from Brookfield Asset Management and its institutional partners. As part of the transaction, Access also acquired additional beachfront property for future development. Kerzner International (“Kerzner”), a leading international developer and operator of destination resorts, casinos and luxury hotels will continue to manage the property under the award-winning One&Only brand.

“The Ocean Club has a storied history as one of the most exclusive destinations in the Caribbean. We are pleased to include this unique property in Access’ portfolio of iconic hotels and we look forward to working with Kerzner’s experienced management team to bring the Resort to a new level of excellence,” said Len Blavatnik, Chairman of Access Industries.

Kerzner International Chief Executive Officer Alan Leibman said, “Our long-term commitment to The Bahamas continues. We are extremely excited to begin working with Access at One&Only Ocean Club. They are a world-class organization with a shared vision for the continued excellence of the property, ensuring that the resort remains positioned as the ultimate ultra-luxury guest experience in the region.”

“We will invest in and continue to enhance the property to provide discerning global travelers the ultimate luxury experience in the Caribbean,” said Jonah Sonnenborn, Head of Real Estate at Access Industries. “The uniqueness of the property will be celebrated and enriched to provide our guests with a sophisticated, yet relaxed experience. We look forward to working with our neighbors on Paradise Island, the Bahamian Government and Kerzner at this distinctive property.”

A landmark resort in the Caribbean, the 105-room One&Only Ocean Club sits high on a prime 36-acre beachfront site overlooking the Atlantic Ocean. Accommodations range from spacious guest rooms to private beachfront villas. Amenities at the Resort currently include Jean-Georges Vongertichten’s Dune Restaurant among the three dining options, two outdoor pools, an award winning One&Only Spa, fitness center, six tennis courts and two meeting space venues and several outdoor event venues. The One&Only management team currently in place will continue to operate the resort under the leadership of Mark DeCocinis, President and Chief Operating Officer, One&Only, and John Conway, General Manager, One&Only Ocean Club.

About Access Industries

Access Industries is a privately held industrial group with long-term holdings worldwide. Access was founded in 1986 by its Chairman, Len Blavatnik, an American industrialist. Its focus spans three key sectors: natural resources and chemicals; telecommunications and media; and real estate. Access owns a diverse portfolio of world-renowned hotels and commercial real estate properties in the United States, Europe and South America. Amongst its hospitality portfolio, in Miami, Access is developing the iconic Saxony Hotel, which is part of a 1,000,000+ square feet district owned by Access in prime Miami Beach. In France, Access owns the Grand-Hôtel du Cap-Ferrat, the premier luxury hotel property on the Côte d’Azur. In Buenos Aires, Access owns the Faena Hotel + Universe, an award-winning, Philippe Starck-designed, hotel and luxury apartment complex which has transformed the Puerto Madero area of this vibrant city. ( www.accessindustries.com ).

About Kerzner International

Kerzner International Holdings Limited, through its subsidiaries, is a leading international developer and operator of destination resorts and luxury hotels. Kerzner’s flagship brand is Atlantis, which includes Atlantis, The Palm in Dubai, a 1,500-room, water-themed resort on The Palm, overlooking the Arabian Sea and Atlantis, Paradise Island, a 2,317 room ocean-themed destination resort in The Bahamas, as well as The Cove Atlantis and The Reef Atlantis in The Bahamas. Kerzner has recently announced plans to open Atlantis, Sanya Hainan in China. Under the One&Only brand, Kerzner also manages seven of the top-rated luxury resort properties in the world, located in The Bahamas, Mexico, Mauritius, the Maldives, South Africa and Dubai. One&Only currently has numerous resorts under development, including One&Only Hayman Island, Great Barrier Reef which opens 1 July 2014 after a multi-million dollar renovation, plus One&Only Sanya, One&Only Montenegro and One&Only Jeddah in the Kingdom of Saudi Arabia. Additionally, the Mazagan Beach & Golf Resort, a 500-room destination casino resort in Morocco, is also operated by Kerzner. For more information concerning Kerzner and its operating subsidiaries, visit kerzner.com.

About Brookfield Asset Management

Brookfield Asset Management Inc. is a global alternative asset manager with over $175 billion in assets under management. The company has over a 100-year history of owning and operating assets with a focus on property, renewable power, infrastructure and private equity. It has a range of public and private investment products and services, which leverage its expertise and experience and provide Brookfield with a competitive advantage in the markets where it operates. Brookfield is co-listed on the New York and Toronto stock exchanges under the symbol BAM and BAM.A, respectively, and on NYSE Euronext under the symbol BAMA.

SOURCE: Kerzner International Holdings Limited

MEDIA INQUIRIES:
For Access Industries:
Brunswick Group
Stan Neve, +1 212-333-3810
SNevedeMevergnies@brunswickgroup.com
or
Brunswick Group
Christopher Beattie, +1 212-333-3810
cbeattie@brunswickgroup.com
or
For Kerzner International:
Kerzner International
Ashley McBain, +971 4 426 0325
Ashley.McBain@kerzner.com
or
Sloane & Company
Dan Zacchei, +1 212-446-1882
dzacchei@sloanepr.com

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