Atlantis The Palm, Dubai’s megaresort flagship has 1,537 rooms, a world-class waterpark and 18 restaurants.
The resort has played an integral role in establishing Dubai as a world-class tourist destination.
Istithmar World and KIHL jointly developed the Resort which opened in 2008. Kerzner is, and will continue to be, the operator of Atlantis, The Palm.
Sheikh Ahmed bin Saeed Al-Maktoum, chairman of Dubai World, said:
“The performance of The Atlantis continues to exceed our expectations. This deal, allowing us to become the sole owner of Atlantis, The Palm Dubai, effectively consolidates our investment in one of our best performing assets, and one of Dubai’s landmark properties. This acquisition is in line with our strategy of managing our assets for value and investing selectively where growth opportunities exist.”
Istithmar was advised on the transaction by Moelis & Company, which acted as financial adviser, and New York law firm Wachtell, Lipton, Rosen & Katz.