Sterling Global Close to Acquiring Hurricane Hole Marina from Brookefield
Sterling Global Financial is close to finalizing a deal to acquire Hurricane Hole Marina from Brookefield Management, owners of Atlantis. Guardian Business understands, with Minister of Labour Dion Foulkes confirming that Atlantis executives have alerted him of impending layoffs of nine employees at the marina.
Foulkes, who was responding to rumors of possible mass layoffs at Atlantis, explained that the nine employees who would be affected by he buyout are the only employees who might be made redundant that he has been apprised of. Foulkes said there had been rumors of layoffs floating around social media.
He confirmed that Sterling will hire those nine employees as part of the purchase deal.Emails to Atlantis executives requesting comment were not returned up to press time yesterday.
Hurricane Hole has been ripe for development since it was under the ownership of Kerzner International, former owner of Atlantis and the One and Only Ocean Club. However, when development was being eyed by the company, economic conditions deteriorated and plans were put on hold.
Brookefield Management then acquired the property when it took possession of Kerzner's Paradise Island assets. The Hurricane Hole Marina has 90 slips and can accommodate yachts more than 200 feet. It is nestled within the safe confines of Nassau Harbour. The marina currently houses popular bar and restaurant Green Parrot, which has a sister property also on Nassau Harbour adjoining the Bay Street Marina.
Sterling Global Financial is known for developing high end properties, such as the Thirty Six luxury condo development on Paradise Island.