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Dubai state firm buys stake in hotel firm Kerzner

State-run Investment Corporation of Dubai buys 'significant' stake in hotel operator Kerzner

Associated Press

DUBAI, United Arab Emirates (AP) -- A Dubai government conglomerate behind some of the emirate's industrial powerhouses says it has bought a "significant" stake in the international hotel operator that runs the Atlantis hotel on the city's main palm-shaped island.

Investment Corporation of Dubai said Thursday it bought the stake in Kerzner International Holdings from the family of founder Sol Kerzner and several institutional investors. It did not disclose the size of the stake or the purchase price.

Kerzner runs hotels in several countries, including the Bahamas, Mexico and South Africa. Another Dubai firm, Istithmar World, bought out Kerzner's stake in the Atlantis in 2012. The hotel company still runs it.

ICD's holdings include the Middle East's biggest airline Emirates and a stake in Emaar Properties, the builder of the world's tallest tower, the Burj Khalifa.