Above: The One & Only Ocean Club on Paradise Island in the Bahamas
By the Caribbean Journal team
The iconic One & Only Ocean Club resort on Paradise Island in the Bahamas has been sold.
The property was sold by Brookfield Asset Management to Ukrainian-born businessman Leonard Blavatnik’s Access Industries, which owns hotels including the Grand Hotel du Cap Ferrat on the French Riviera and the Faena Hotel + Universe in Buenos Aires, among others.
The terms of the contract are not disclosed.
The property will continue to be managed by Kerzner International, which operates the property under the One&Only brand.
“The Ocean Club has a long history as one of the most exclusive destinations in the Caribbean,” Blavatnik said in a statement. “We are delighted to include this unique property in Access’ portfolio of iconic hotels and look forward to working with Kerzner’s experienced management team to bring the resort to a new level of excellence.”
Access also acquired “additional beachfront property for future development,” according to a statement.
“Our long-term commitment to the Bahamas continues,” said Alan Leibman, CEO of Kerzner International. “We are extremely excited to start working with Access at One&Only Ocean Club. This is a world-class organization with a shared vision of continued ownership excellence, ensuring the resort remains positioned as the ultimate ultra-luxury guest experience in the region.
The 105-room One&Only Ocean Club is located on a 36-acre beachfront site on Paradise Island and includes Chef Jean-Georges Vongerichten’s Dune Restaurant.
Kerzner said the One&Only management team will continue to operate the resort under Mark DeCocinis, President and Chief Operating Officer of One&Only and John Conway, Managing Director, One&Only Ocean Club. .
Brookfield acquired the One&Only Ocean Club and neighboring Atlantis resort from Kerzner in 2012.