Published on Tuesday, April 8, 2014
Hotel and casino czar Sol Kerzner will retire as chairman of Kerzner International Holdings Limited (KIHL) following Investment Corporation of Dubai's purchase of a stake in the company Kerzner, founded in 1994.
"This is a significant milestone in my life after a long and happy career in the tourism industry and I wish the company well," Kerzner said.
The Dubai sovereign wealth fund announced last week that it had completed the purchase of a "significant equity interest" in KIHL, from the Kerzner family, and several other institutional investors.
The value of the deal was not disclosed.
The transaction will see H.E. Mohammed Al Shaibani, executive director and CEO of ICD, take over as chairman of KIHL from Kerzner.
"ICD sees enormous potential in expanding the KIHL footprint," said Al Shaibani.
Debt restructuring agreements last year saw Kerzner International Holdings handing over its Atlantis resort properties in Dubai and the Bahamas — effectively leaving it as a resort management, branding and development company.
Kerzner International operates globally under the One&Only and Atlantis brands, with properties in Dubai, South Africa, The Bahamas, Mauritius, The Maldives, Mexico and soon, Australia.
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The recent insolvency of Low Cost Travel Group, one of the large players in the travel industry had a big impact on the travelers, hotels and all related players from both wholesale & retail arms. There were about 27,000 people on a holiday who had booked through the company comprised of a €200 million wholesale arm and €500 million OTA / retail arm.