Kerzner International Limited (“Kerzner”) and Sun Resorts Limited (“SRL”) have completed the transaction that was announced at the end of 2006.
On April 5, 2007, the management and marketing agreements held by One&Only (Indian Ocean) Management Ltd. (“One&Only”), an affiliate of Kerzner, for SRL’s Mauritius hotel properties (La Pirogue, Sugar Beach Resort, Le Coco Beach and Le Touessrok) were terminated. SRL has acquired full ownership of these four properties and will control the management and marketing of these resorts. For a transitional period through the end of April 2007, One&Only will continue to provide sales and marketing representation for the aforementioned four properties. Additionally, Le Touessrok will be permitted to promote its past affiliation with One&Only until May 31, 2007.
In order to ensure a smooth transition, SRL and Kerzner have agreed to certain short-term licensing and service arrangements. In addition, SRL’s management team and the staff at each resort in Mauritius will remain unchanged. SRL believes that this will ensure that guests receive the same exceptional level of service and care they have always enjoyed whilst minimizing any inconvenience to travel partners that could result from the ownership and management change.
Also as part of this transaction, Kerzner has acquired from SRL full ownership of One&Only Le Saint Géran, except for holes two to eight of the adjacent Le Saint Géran golf course. Kerzner and SRL have entered into a joint venture agreement to develop ultra-luxury villas on this part of the golf course that will be branded, marketed and sold as One&Only villas. Kerzner will lead the design and SRL will lead the development of this project, which is anticipated to break ground in December 2009 at the earliest and December 2010 at the latest. Until groundbreaking, the golf course will remain available for play by guests and others.
In addition, Kerzner has acquired from SRL its entire investment in Kerzner’s One&Only Maldives at Reethi Rah and One&Only Kanuhura resort properties located in the Maldives. Kerzner has also divested itself of its entire equity interest in SRL, and SRL has acquired from Kerzner two entities: World Leisure Holidays (Pty) Limited, a South African tour operator, and Solea Vacances SA, a French tour operator.
Both Kerzner and SRL are confident that these new arrangements will permit them to focus on their core objectives, continue to deliver exceptional service and amenities to their guests, and create value to their travel partners and shareholders.
Source: E-Travel Blackboard