Brookfield Asset Management Considers Wealthy Buyers for One and Only Ocean Club Resort
Since the purchase of the Bahamas-based Atlantis Resort, and the adjacent Bahamas One&Only Ocean Club, Brookfield Asset Management has been in the business of refinancing the $2.2 billion debt inherited by Kerzner International Holding. As a part of the process, selling parts of the Kerzner built empire have become a topic of discussion and opportunity to explore options to restructure the business of One&Only resorts and Atlantis properties. Today, The Tribune has noted that no deal has been sealed yet but serious potential buyers for the resort were named. Namely, an Argentine developer with his Ukaranian-born billionaire partner were the favored suitors for the sale. Feana Group’s founder and president, Alan Feana, with his New York-based partner Len Blatavatnik are the partners seeking to acquire the One and Only Ocean Club Resort. All seemed to be well with the sale until a “snag” surfaced and impeded the process. The Tribune didn’t identify the “snag” , but the potential sale still seems to be possible.
The two partners are very notable businessmen, Feana founded Vai Vai fashion and sold it in 1996 while Blatavatnik, who is listed as the 39th richest person in the world on the Forbes list, owns an international industrial conglomerate, Access Industries. Blatavatnik also purchased Warner Music Group in a multi-billion dollar deal. As a team, both businessmen partnered on the Feana District Miami Beach Development project and have worked together on several resort and real estate developments over the past decade. So there is no doubt in their abilities to take on the world class resort.
Nonetheless, Brookfield is under no pressure to sell, yet they still have to find ways to refinance their loans by September. The consideration for the sale of Ocean Club does come as a surprise to many and Brookfield has been quiet concerning the future of the One and Only Ocean Club Resort in recent news. In a Tribune news article, a contact familiar with Brookfield executives revealed a message that Brookfield communicated after the debt to equity swap with Kerzner International. The message explained that, “As soon as the smoke clears, when things get sorted out with the marker, we will start selling off parts of the Kerzner empire”. Brookfield is said to have been in conversations and negotiations about the future of Ocean Club. At the end of the day, Brookfield holds the power to choose the destiny of the One and Only Ocean Club.