The Tribune

By NEIL HARTNELL

Tribune Business Editor

nhartnell@tribunemedia.net

The Brookfield Asset Management executive directly responsible for the Atlantis and One & Only Ocean Club resorts yesterday moved to end speculation it was seeking an exit route, saying the company was “not interested in selling” the flagship Paradise Island resorts.

Responding to recent reports that suggested the Malaysian gaming giant, Genting, was interested in pursuing an Atlantis equity ownership stake, and ‘pot stirring’ comments from former Wyndham and Crystal Palace owner, Philip Ruffin, Andrea Balkan said Brookfield was a “long-term” owner of real estate assets.

She said: “Atlantis is an iconic, destination resort which has a world-class employee base and a bright future.

“Brookfield is proud to be the owner of the property, and is not interested in selling Atlantis. We are long-term owners of assets and see strong potential for building Atlantis through a number of exciting growth initiatives,”

Ms Balkan is the managing partner for Brookfield Real Estate Finance Fund, the fund that holds the Paradise Island resorts among its asset portfolio. In total, Brookfield owns and oversees $150 billion worth of assets.

The comments come after Tribune Business reported that Genting was exploring whether Brookfield would be interested in taking it on as a 50/50 joint equity partner in the ownership of the Paradise Island resorts. Other sources had also confirmed that Brookfield was seeking partners, and had been marketing the two resorts to interested parties.

Prime Minister Perry Christie confirmed he had made a “good effort” to get Genting to look at Bahamas-based investment opportunities other than the Bimini Bay casino.

“Genting is a world-leading resort developer, and I expect Genting to look at our country and see what other benefits it could get from our country and what other contribution it could make to the country,” the Prime Minister said this week.

“You can expect that as Prime Minister I would make every effort to impress upon them the advantages of investing here in the Bahamas. I am optimistic, as I always am, with respect to these matters.”

Genting’s holding company, Genting Berhard, is said to be worth $11.3 billion on the Malaysian stock exchange. Its four subsidiaries, all listed either in Malaysia or Hong Kong, have market capitalisations ranging from $2.3 billion to $12.8 billion.

Meanwhile, billionaire Philip Ruffin further stoked the speculation flames by suggesting he would be interested in acquiring Atlantis if it became available. However, he hedged his comments by saying the property was not for sale, and no negotiations had begun.

George Markantonis, Kerzner International (Bahamas) president and managing director, earlier this week told Tribune Business that Atlantis’s booking pace was 7 per cent ahead of 2011 comparatives for August, and that he was confident 2013 group business would “match, if not exceed” this year’s levels.

He added that “preliminary results indicate” that Atlantis is likely to enjoy a stronger November-December period than last year, although fall (the next two months) appeared flat.

Noting that Atlantis was anticipating occupancy levels “in the 80s” percentage wise for the just-finished Labour Day weekend, Mr Markantonis also told Tribune Business that the Paradise Island property was eyeing an average occupancy of between 68-72 per cent for the full year.