Multiple reports on Tuesday stated Malaysian-owned investment vehicle Mulpha Australia Ltd. is selling the Hayman Island resort to 78-year-old hotel legend Sol Kerzner. No price has been disclosed for the 292 hectare leasehold holding, but its most recent official conservative book value was $A50 million (US$45.2 million).
The Sydney Morning Herald reported that meetings to finalize the deal are ongoing and that once an agreement is struck the owner of luxury hotel chain One&Only and Atlantis properties in the Bahamas and Dubai will close the Hayman Island resort starting in January for a three-month refurbishment.
Mulpha bought multiple Australian assets in 2004 – including the island resort, the Sanctuary Cove, Sydney InterContinental, the Melbourne Hilton and Brisbane Sheraton – for a combined US$400 million.