Atlantis towers over the white sand of Paradise Island, Bahamas, inviting travelers to experience its extensive amenities and activities. The resort is one of the most well-known in the Caribbean and has seen several expansions since it first opened to the public. Movies like "Casino Royale" and "Splash" have been filmed at Atlantis, and the property's many waterslides and arching main building have become iconic for travelers.
Today Atlantis welcomes thousands of people every week, although it hasn't always been as large and popular of a resort. The construction and theme was inspired by the mysterious lost city of Atlantis and the legend surrounding it. Atlantis opened to the public in , offering travelers a chance to bunk up in one of the 1, rooms in its Royal Towers.
The Towers featured the largest casino in the Caribbean and several major works of art, including the Temple of the Moon and Temple of the Sun by famed glass sculptor Dale Chihuly. The resort was expanded massively in The property added a room resort within the resort called The Cove Atlantis and a room condo-hotel called The Reef Atlantis.
These days, Atlantis offers travelers endless opportunities to relax and seek out adventure. The Atlantis Marina also features 63 slips for luxury yachts, where travelers can rent a spot at the dock for their boat. Guests have access to all areas of Atlantis with complimentary shuttle service, and there is plenty to do. Dolphin Cay offers a chance to interact with marine life, while Aquaventure features 11 swimming pools and a river ride that winds for a mile. There's also golf, a spa and Atlantis Adventures, which gets guests up close and personal with sting rays and sharks.
The resort welcomes families, couples, groups and solo travelers of all ages. Atlantis will not be sold "at this time", it was revealed last night, with its owner instead deciding to unleash a "significant" three-year investment strategy despite receiving multiple offers.
An Atlantis spokesperson, effectively speaking on behalf of Brookfield Asset Management, told Tribune Business it was now focused on major renovations to the Paradise Island property that would include new restaurants and nightlife venues.
The statement confirms information reaching Tribune Business from multiple sources that the Atlantis sales process, initiated last year, had come to an end with no preferred bidder or buyer selected, and no suitors left in negotiations with Brookfield Asset Management.
Brookfield and Atlantis made no mention of how much will be invested to upgrade and refresh the Atlantis product over the next three years, but the statement indicates that the former will now continue into its eighth year of owning the Paradise Island resort property.
No explanation or reason was given for why all bids were rejected. Nor were the identities of those behind the offers revealed, although former prime minister Perry Christie last year said he was representing one of the interested parties.
Mr Ruffin has never hidden his interest in, or admiration of, Atlantis. Normally a property like this will sell for seven to seven-and-a-half times earnings. This property is showing its age and is in desperate need of much more than the patch-up band-aid type maintenance work done under Brookfield Asset Management's ownership over the past 8 years.
The projected cash flow from this aged property is not good in relation to enormous renovation costs that need to be done not to mention the very high on-going annual maintenace costs. Kerzner International left Brookfield holding the proverbial empty bag and its doubtful the business case is there for the latter to spend the fortune necessary to properly renovate the property. I suspect Brookfield will do a low-cost quick fix-up aimed at improving overall appearance and then dump the property, thereby realising the losses they have incurred on a bad investment.
The future buyer will want a significantly discounted purchase price knowing that it will get stuck with the more major renovation costs. It definitely needs a lot of work. Password Forgot? Confirm password.
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