It was announced by the Prime Minister of The Bahamas, Perry Christie that Access Industries, the conglomerate controlled by Ukrainian-born billionaire Len Blavatnik, had received government approval to purchase Paradise Island’s One & Only Ocean Club. According to a story in The Tribune, sources close to the purchaser previously told Tribune Business that a sales ranging from $85 million to $130 million was being discussed for the One & Only Ocean Club. In his deliberations, Prime Minister Christie mentioned that “My Government has been engaged in fruitful discussions with Brookfield Real Estate Financial Partners and Access Industries on the purchase, upgrading and expansion of the One and Only Ocean Club and vacant land on Paradise Island,” he told the House of Assembly.
Whether or not the sale is completed is still uncertain but the government’s approval for the sale is only the beginning stage of the process due to the fact that necessary government approvals represent just one part of the process. The approval gives Access Industries a vote of confidence from the Bahamas Government in their ability to expand and grow the One and Only Ocean Club brand and in return positively impact the local Bahamian community.
Back in 2012 after Brookfield acquired Atlantis and the One & Only Ocean Club, a major focus of the new owners was to work on the refinancing of the $2.3 billion debt inherited from Kerzner International. According to news reports, “Brookfield’s position is thought to be that it will only sell ‘if the price is right’ and the buyer meets its valuation”. Moreover, they are persistently seeking to complete the refinancing by end-June 2014.
View Mario Carey Realty’s Listings near the One & Only Ocean Club in Ocean Club Estates, Paradise Island. See photos below or click here.
Bay Street & Deveaux Street,
P.O. Box CR56766,
US Tel: 954.773.8256