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Article: Kerzner to Acquire Additional Real Estate on Paradise Island; Club Med to Continue to Operate Hotel Through 2004; Club Med Employees Eligible to Transfer to the Atlantis Resort.
- Article from:
- Business Wire
- Article date:
- September 19, 2003
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Business Editors/Real Estate Writers
PARADISE ISLAND, The Bahamas--(BUSINESS WIRE)--Sept. 19, 2003
Kerzner International Limited (the "Company") (NYSE:KZL) announced today that it entered into an agreement to acquire the assets of Club Mediterranee (Bahamas) Limited ("Club Med") on Paradise Island for approximately $40 million.
This resort, which includes an existing 306-room hotel, spans Paradise Island between Nassau Harbour on the south side, and the ocean and a prime swimming beach on the north side. The approximately 20-acre site borders the eastern boundary of the proposed site of the new 1,200 room hotel that is part of the Company's ...