Dubai World subsidiary Istithmar World is acquiring the remaining stake in the Atlantis hotel for $250 million.

The company confirmed it has completed the purchase of Kerzner International Holdings Limited’s 50 percent interest in Atlantis making it is the sole owner of the property.

Dubai World chairman Sheikh Ahmed bin Saeed Al-Maktoum said the deal “effectively consolidates our investment in one of our best performing assets and one of Dubai’s landmark properties.”

Kerzner plans to use proceeds from the sale to reduce its debt load, it said in a statement.

The 1,537-room hotel sits on top of the Palm Jumeirah, the first of Dubai’s palm-shaped manmade island.