I'm a bit skeptical of this ever materializing. I'm not sure
Kerzner currently has the standing in the world real estate markets to get the financing. Plus, Kerzner's attention is focused on building
the next Atlantis in China, and is rumored to be in the running to
take over and complete the Bahamar resort in Nassau.
We just read in the news that the company that owns Atlantis in the Bahamas is ready to finalize plans to build on the site adjacent to Aulani.
Point of Clarification:
Atlantis in the Bahamas is currently owned by Brookfield Asset Management, a Canadian private equity/real estate company. There's no mention of Brookfield being involved in the Hawaii deal, nor would it fit their usual hotel investment strategy (which is to acquire operating hotels at distressed prices and then recapitalize the property). Marriott isn't really involved at Atlantis Bahamas either, other than a loan made to Brookfield, which was probably done as a good-faith gesture when Marriott and Brookfield agreed to add Atlantis to Marriott's Autograph collection.
My money is on the owner of the Ko Olina land putting this rumor out there for negotiating purposes. If he threatened to put something like an Atlantis in, when he offers a concession, the hotel that will be built will be twice the size of what had been previously authorized, and will look good by comparison.
