Access Industries has acquired the One&Only Ocean Club on Paradise Island in the Bahamas from Brookfield Asset Management and its institutional partners. The purchase price was US$105 million, according to the Wall Street Journal.
Kerzner International will continue to manage the property under the One&Only brand, and the current management team — led by President and Chief Operating Officer Mark DeCocinis and General Manager John Conway — will remain in place.
The 105-room One&Only Ocean Club sits on a 36-acre (15-hectare) beachfront site overlooking the Atlantic Ocean. Amenities currently include Jean-Georges Vongertichten’s Dune Restaurant among three dining options, two outdoor pools, a One&Only Spa, fitness center, six tennis courts, two meeting space venues and several outdoor event venues.
As part of the transaction, Access also acquired additional beachfront property for future development.
“The Ocean Club has a storied history as one of the most exclusive destinations in the Caribbean,” said Len Blavatnik, chairman of Access Industries. “We are pleased to include this unique property in Access’ portfolio of iconic hotels, and we look forward to working with Kerzner’s experienced management team to bring the resort to a new level of excellence.”