Breaking Travel News

Kerzner in talks to defer payments

Kerzner International Holdings, the company that built the Atlantis resorts in Dubai and the Bahamas, has been in talks with creditors in order to defer their debt repayments of $2.78bn which were due next month, according to reports.

If a deal is not reached, the group, which has developed and operates three world-class resorts in ten premier destinations, may not be able to make the debt repayment, which is due on September 9th, Bloomberg News reported.

The company has been struggling with debts since the economic downturn in 2008 reduced the value of hotels and room rates.

Also in its portfolio of luxury properties is the Mazagan Beach Resort, a 500-room destination casino resort in Morocco which opened in October 2009.

In addition Kerzner manages seven of the top-rated luxury resort properties in the world, under the One&Only brand, which are located in The Bahamas, Mexico, Mauritius, the Maldives, South Africa and Dubai.

The latest addition to the collection, One&Only The Palm, Dubai, opened in November 2010.

The Atlantis Palm, Dubai was recently voted the Middle East’s Leading Resort at the World Travel Awards.