Sale of One & Only Ocean Club approved by Bahamian Goverment

Nassau Bahamas (hospitalitybusinessnews.com) The Prime Minister of the Bahamas, Perry Christie confirmed yesterday that the government had granted approval for the sale of the One & Only Ocean Club on Paradise Island.

“My Government has been engaged in fruitful discussions with Brookfield Real Estate Financial Partners and Access Industries on the purchase, upgrading and expansion of the One and Only Ocean Club and vacant land on Paradise Island,” Mr Christie told the House of Assembly yesterday.

“Government has given its approval for Access Industries to acquire this valuable asset……. The injection of additional capital into the upgrading and expansion of the Ocean Club by Access Industries not only assures further direct investment inflows into the Bahamas economy, but additional jobs, the positioning of the Ocean Club as the nation’s premier ultra-luxury resort, and a partnership to leverage other economic expansion opportunities with a worldwide conglomerate.”

The buyer of the resort is Access Industries, a company controlled by Len Blavatnik. According to Forbes, Mr.s Blavatnik is #34 on its’ list of richest people with a net worth of some $20B.

According to Forbes “ Blavatnik was born in Ukraine and emigrated to the U.S. in 1978, ultimately earning degrees from Columbia University and Harvard Business School. Already as an American citizen, Blavatnik made timely investment in post-Soviet aluminum and energy companies, endured the bankruptcy of LyondellBasell, a merger he engineered, and then expanded into media and communications.”

It is unclear if the transaction has already concluded.

For Brookfield Real Estate Financial Partners the sales comes at a good time as they are in the process or refinancing the Atlantis resort on Paradise Island which they took over from Kerzner.

The Ocean Club was opened in 1962 as a 52-room hotel by Huntington Hartford II, heir to the Great Atlantic and Pacific Tea Company fortune. Some $10 million was invested in the project. The property currenlty has 105 units, featuring luxury suites and villas, with guests served by personal butlers.

 

 

 

Share Button
About the Author