Istithmar World, a subsidiary of the government-owned conglomerate Dubai World, which shook markets across the globe in 2009 with its debt woes, announced on Saturday its acquisition of the remaining stake in the Atlantis hotel on Dubai's glitzy palm-shaped island.
The company confirmed "the completion of the purchase of Kerzner International Holdings Limited's 50 percent interest in Atlantis ... for $250 million (189 million euros)," with the purchase making Istithmar the sole owner of the 1,537 room resort.
The hotel, which opened in 2008 to much fanfare, was a joint project developed by Istithmar and Kerzner, which the statement said will continue to operate the Atlantis.
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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," adding that the hotel "continues to exceed our expectations."
Inspired by the legend of the lost continent, the resort offers a water park, a marine habitat and more than a dozen restaurants run by world-class chefs including Japanese sushi mogul Nobu Matsuhisa and Michel Rostang of France.
Dubai, one of seven emirates that make up the United Arab Emirates, is a regional business, leisure and tourism hub.
In November 2009, Dubai sent shock waves across global financial markets when it announced a freeze in debt repayments by Dubai World, its largest group.
In March 2011, the company announced that it had signed a final agreement to restructure $14.7 billion (11.1 billion euros) of debt.