A look at the insane R18 billion Kerzner-branded hotel development in Dubai

Kerzner international, the company founded by Sun City developer Sol Kerzner, is developing a stunning new hotel and resort on Dubai’s famous Palm – one of four luxury developments under the Atlantis brand of hotels.

The hotel is located within the vicinity of Atlantis The Palm, Kerzner’s first flagship project in the UAE, and is reported to carry a development cost of over $1.5 billion (close to R18 billion).

When completed, The Royal Atlantis Resort will offer 231 residences and 795 new guest rooms and suites, with prices for the residences starting at around $2 million (R24 million), climbing as high as $10.5 million (R125 million) for a penthouse apartment.

The 193 metre, 43-storey resort is expected to complete in the third quarter of 2019, and is one of three new hotels currently in development the Atlantis brand. The other two hotels currently being developed are in China, as the Atlantis Sanya, and Hawaii, as the Atlantis Ko’Olina.

Aside from the Atlantic Palm in Dubai, another Atlantis brand hotel was built in the Bahamas – however, this was sold by Kerzner in 2012 to Brookfield Asset Management, based in Toronto, as part of a debt restructuring.

Kerzner is one of South Africa’s most successful businesspeople, known for building luxury hotels and resorts around the world. These include the likes Sun City, the Lost City, Sandton Sun, the Beverley Hills Hotel, and the Elangeni.

Global hotels include Atlantis Dubai, the One & Only Mexico, the One & Only Australia, the One & Only Mauritius and the One & Only Bahamas.

While the Kerzner International brand is still closely linked to its South African founder, it is now majority controlled by Dubai firms.

Kerzner retired as chairman of Kerzner International in 2014, when the IDC of Dubai made a significant investment into the firm, claiming a reported 46% stake in the company. Istithmar World, a unit of state-owned conglomerate Dubai World, owns a further 25% stake in the company.

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