The 3,400-room Atlantis Resort on Paradise Island in the Bahamas will soon join Marriott’s Autograph Collection, Marriott International announced Wednesday.
The property will join a portfolio of 60 independent hotels around the world and operate under a franchise agreement with Marriott.
It will officially join the portfolio in the fall, the company said.
The property, which was purchased in 2011 by Brookfield Asset Management, will become the first Autograph collection property in the Bahamas.
“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 in a statement. “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.”
Craig Smith, president of the Caribbean and Latin America region for Marriott, said the move was a “significant milestone for Marriott.”
“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,” Smith said.
Atlantis becomes the property’s 80th hotel in the Caribbean and Latin America.
“This agreement to partner with the Autograph Collection could arguably be the single most significant tourism stimulus for The Bahamas in this decade,” said George Markantonis. “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.”
During a press conference at the office of Bahamas Prime Minister Perry Christie on Tuesday, Brookfield managing director Andrea Balkin said the company would be completing a $1.9 billion recapitalization.
“This is an enormous manifestation of confidence both in Atlantis as a successful business and in the economy of The Bahamas,” Christie said. “The size of this transaction is an incredible accomplishment in today’s challenging global economic environment. It confirms the forecast of a bright future for our tourist industry, in which Atlantis is the largest private sector partner with some 8,000 employees.”