Mohammed al-Shaibani to replace Sol Kerzner as chairman of luxury hotel operator Kerzner International
Investment Corporation of Dubai (ICD) has bought a significant equity stake in luxury hotel developer and operator Kerzner International Holdings Limited (KIHL).
The equity was purchased from the Kerzner family and several other institutional investors for an undisclosed sum. Dubai-based Istithmar and certain affiliates of Goldman Sachs and Colony Capital will continue to have significant holdings in the company.
(KIHL) operates globally under the One & Only and Atlantis brands, with three resorts in Dubai, two in The Bahamas, and more in Mauritius, The Maldives, Mexico, South Africa and soon, Australia.
The new strategic move by ICD in the hotel and tourism sector in Dubai follows its acquisition earlier this year of Atlantis, The Palm resort.
I am pleased to confirm that ICD has completed a major investment in KIHL, said Mohammed al-Shaibani, executive director and CEO of ICD. The business and its brands are synonymous with the luxury hotel industry, a sector which is of strategic importance to Dubai.
The transaction will see Al-Shaibani take over as chairman of the international hotel operator from its founder, Sol Kerzner.
A MEED Subscription...
Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.