Nassau – July 2, 2014 – (hospitalitybusinessnews.com) Brookfield Real Estate Financial Partners has announced that they have completed the refinancing of The Atlantis Resort on Paradise Island, in The Bahamas.
Andrea Balkan, managing partner for Brookfield Real Estate Financial Partners, said “We have completed refinancing of our debt on Atlantis. We have obtained a $1.75 billion, seven-year loan on the property from a consortium of banks, pension funds and sovereign wealth funds,”
“We are quite excited to have completed what was a complicated financing transaction. Brookfield has invested an additional $200 million of its own capital, as well as capital of its partners, in this transition which enables us to put the financing to bed for the period of seven years.
“It enables Mr Markantonis and the team to focus on our primary mission, which is a first-rate hospitality asset which we continue to invest in and drive more and more satisfied guests to.”
Over the next five years Brookefield intends to invest heavily in the asset according to Ms Balkan. “We certainly have plans to spend a significant amount of money over the next five years, and we just need to sit down and really kind of flesh out where the money will be spent, whether it will be on expansion, refurbishment of existing facilities or adding new attractions – probably some combination of all three – but we are not quite ready to specify which is coming first.”
Bahamian Prime Minister Perry Christie was happy to see the refinancing completed.
The Prime Minister told the Tribune, “This is an enormous manifestation of confidence, both in Atlantis as a successful business and in the economy of the Bahamas. The size of this transaction is an incredible accomplishment in today’s challenging global economic environment,” he said.
“It confirms the forecast of a bright future for our tourist industry, in which Atlantis is the largest private sector partner with some 8,000 employees. My Government has worked cooperatively and tirelessly with Brookfield and its partners to approve and grant the necessary permits for the refinancing transaction on terms and benefits similar to those granted at the time of Brookfield’s acquisition of majority ownership from Kerzner in 2012.”