By Eric Hertha
Kerzner International has bought out its’ JV partner in the Reef condo-hotel project at Atlantis, Paradise Island. Kerzner’s partner in the $200 million project was Turnberry Associates.
Turnberry Associates, of south Florida, is a real estate firm involved in shopping centers and hotels. See related stories (http://www.hospitalitybusinessnews.com/search/label/Fontainebleau) . Turnberry’s 2 Fontainebleau sites have been under financial pressure of late with the Fontainebleu Las Vegas filing for bankruptcy protection in 2009.
Both Kerzner and Turnberry have used investments from Dubai World to fund projects. It is not known if Dubai’s financial problems have lead to this or if it is a result of the down real estate market in Florida and Las Vegas.
Ed Fields, Kerzner International (Bahamas) spokesman said “ I can confirm we have purchased Turnberry’s share of the joint venture at the reef. The reason we did it is because we see it as an excellent investment opportunity.”
