Atlantis Paradise Island Resort (3,400 rooms Bahamas mega resort that was launched back in 1998) has reached an agreement with Marriott and will join its Autograph Collection in the fall of 2014.
The resort complex encompasses several “towers” and hotels that are spread around the island and were originally launched under various names.
According to the press release, Marriott will provide Atlantis $100 million mezzanine loan to the “project”. Maybe Atlantis will use the cash to upgrade some guest rooms?
Here’s part of the Marriott’s press release:
Marriott International, Inc. (NASDAQ:MAR) announced today that the iconic Atlantis, Paradise Island resort will become part of its Autograph Collection, a rapidly growing exclusive portfolio of over 60 independent hotels in key locations across the globe. Regarded as the premier destination resort in The Bahamas and Caribbean, the 3,400 room Atlantis, Paradise Island will operate under a franchise agreement with Marriott and benefit from the company’s global sales and reservations organization, 45-million member Marriott Rewards loyalty program and Marriott.com which generates more than $9.6 billion in gross room bookings annually. Atlantis marks the collection’s first member resort in The Bahamas and will be the largest hotel in the portfolio. The property, owned by Brookfield Asset Management and independently managed, is expected to officially join the Autograph Collection in the fall.
“Having Atlantis, Paradise Island join our Autograph Collection is a milestone achievement for the brand and the company,” said Arne Sorenson, president and CEO of Marriott International, Inc. “We are excited to partner with Brookfield and put the full power of Marriott behind one of the world’s most spectacular and popular resorts, while adding to our global resort portfolio in a key destination where we know our guests want to travel.”
“This is a significant milestone for us today as Marriott International not only marks its entry into the Bahamas, but also celebrates our 80th hotel in the Caribbean and Latin America’s rapidly growing portfolio,” said Craig Smith, president of the Caribbean and Latin America region for Marriott International. “This is an exciting time for hotel development in the region, where we have over 50 hotels under development and expect to offer more than 150 hotels by 2017 across ten lodging brands in 27 countries and territories”.
“This agreement to partner with the Autograph Collection could arguably be the single most significant tourism stimulus for The Bahamas in this decade. This strategic and beneficial partnership will help grow visitation of Marriott International loyalists to the country and open a broader channel for guests to visit Atlantis from around the world,” said George Markantonis, president and managing director of Brookfield Hospitality and Atlantis, Paradise Island.
Atlantis is a unique, ocean-themed destination offering a variety of guest accommodations; 40 restaurants, bars and lounges to satisfy any palate; the largest and most exciting casino in The Bahamas; extensive meeting facilities; and a marina capable of handling yachts of any size, all built around a 141-acre waterscape comprised of fresh and saltwater lagoons, pools and habitats. Atlantis rises magically from the turquoise lagoons and blue Atlantic of The Bahamas, and is known worldwide as a resort destination that has truly redefined entertainment and gaming in the tropics.
The addition of Atlantis, Paradise Island is the latest example of Marriott’s aggressive strategy to grow its lifestyle portfolio and inspire many of the world’s premier properties to partner with Autograph Collection. Across all its brands in 2013, Marriott International opened nearly 26,000 new rooms, signed a record 387 projects with 67,000 rooms, and at year end had more than 195,000 rooms under development across five continents. Fueling this success is Marriott’s extensive portfolio of 18 brands, the broadest in the lodging industry. Nearly 25 percent of the company’s overall development pipeline is in the luxury and lifestyle category, with plans to add more than 200 hotels over the next several years reflecting more than $15 billion of investment by owners and franchisees.
Atlantis will operate under a long term franchise agreement and Marriott will provide a $100 million mezzanine loan to the project.
For me, the Autograph collection has meant unique relative small boutique’ish hotels such as the Glasshouse in Edinburgh where I stayed year ago. Surprised, that they didn’t brand this mega monster (size wise) under the Marriott or Renaissance brands.
Glad to see that Marriott has now expanded to the Bahamas. The lack of Marriott Rewards Elite benefits at these resort location is both saddening and maddening, however. You can expect to receive a free wifi, but that’s about all they must provide per the program terms and conditions.
I just had a look at the TripAdvisor reviews for this complex and they were very mixed. Seems that the hotel could use some help from Marriott managing it.