Brookfield has secured a nearly $2 billion debt refinancing deal for its Atlantis Paradise Island resort in the Bahamas.
Citigroup led the $1.9 debt refinancing effort for Brookfield’s luxury resort in Nassau, Bloomberg reported.
Over the past five years, Brookfield has invested more than $260 million in the resort, paying for the renovation of guest rooms, the Atlantis Casino and new food and beverage options. The resort saw record numbers of visitors over the last two years, thanks in part to these upgrades.
Brookfield isn’t stopping at revamping its Atlantis Paradise Island property. The Toronto-based firm is looking into strategic development opportunities on 46 acres of land adjacent to Atlantis. It’s also evaluating ways to redevelop the former Beach Tower; plans to redevelop the structure, which at one point involved singer and producer Pharrell Williams and David Grutman of Groot Hospitality, were stalled as of last year.
“This refinancing positions us to continue enhancing the guest experience, creating jobs, and ensuring that Atlantis remains a vital contributor to the Bahamian economy for years to come,” Lowell Baron, chief executive officer of Brookfield’s real estate business, said a statement, per Bloomberg.
Brookfield is planning to pour in another $475 million in capital improvements over the next five years. That includes a full renovation of the Cove hotel starting next year.
Atlantis Paradise Island currently boasts more than 3,800 rooms across five lodging options, more than 40 restaurants and bars, a marina, an 18-hole championship golf course, one of the world’s biggest open-air marine habitats and a 141-acre water park.
Beyond the Bahamas, Brookfield is also looking to grow its international footprint in Japan.
Brookfield is planning to invest more than $10 billion in Japanese real estate over the next five years as the relatively low prices present a low barrier to entry for the firm, per Nikkei. It reportedly intends to build up new areas of investment in Japan, like data centers and battery storage facilities. Brookfield has been investing in the country “slowly and modestly” over the past decade, according to CEO Bruce Flatt. — Chris Malone Méndez
Read more
Commercial
Los Angeles
Olen Properties boss Olenicoff sues Atlantis, Brookfield over pandemic-related resort charges
Commercial
Tokyo
Why Brookfield is investing $10B in Japan by 2030