Robust Performance of Atlantis, The Palm Confirms Strength of Dubai’s Hospitality Sector

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Press Release

Dubai, UAE; May 2, 2012: HE Sultan Bin Sulayem, Chairman of Istithmar World, a subsidiary of Dubai World, said today that the global participation at the Arabian Travel Market, the region’s premier tourism and hospitality event being held in Dubai, reflects the continued growth of Dubai’s tourism and hospitality business.

Highlighting the importance of tourism in supporting Dubai’s hospitality sector, he announced that Atlantis, The Palm, the ocean-themed destination resort which anchors the crescent of The Palm Island, has reported an impressive 20 per cent growth in EBITDA (earnings before interest, tax, depreciation and amortization) for the first quarter of 2012 as compared to the same period last year.

Istithmar World recently completed the purchase of Kerzner International Holdings Limited’s 50 per cent stake in the resort making it the sole owner of an asset which is now known around the world and which symbolizes Dubai. Kerzner will continue to manage the resort.

Mr. Bin Sulayem added: “The Arabian Travel Market puts the spotlight on the robust continued growth of Dubai’s tourism and hospitality business, a sector which has traditionally been the city’s strongest growth sector. Over the past two years the city has further consolidated its strengths in this vital economic sector as is underlined by the robust performance of Atlantis, The Palm in 2011 and the first-quarter of this year. The hotel recorded strong occupancy levels and sustained growth in ADR and EBITDA highlighting its preeminence as a luxury getaway for visitors from around the world.”

Demonstrating the strong appeal of this iconic property to tourists, the hotel reported an EBITDA for the first quarter of 2012 of AED 165 million (US$ 44.9 million) compared to AED 136.6 million (US$ 37.2 million) in the same period last year. Average occupancy at the resort was 84.9 per cent during Q1 2012, as compared to 80.4 per cent during the same period last year, with an average daily rate (ADR) of AED 1,810 (US$ 493) during Q1 2012, as compared to AED 1,680 (US$ 458) during the corresponding period in 2011.

Further highlighting the appeal of Atlantis, The Palm is its performance relative to other comparable hotels in Dubai. With 2011 occupancy of 84.6 per cent, the hotel outpaced its competitors by over 10 percentage points. The same strength can be seen in the resort’s 2011 ADR of AED 1,490 (US$ 406) which significantly outpaced the ADR of AED 992 (US$ 270) of comparable properties.

Mr. Bin Sulayem added: “As a fully-owned asset of Istithmar World, we will continue to focus on strengthening the appeal of Atlantis, The Palm to tourists, providing them an unparalleled luxury experience. Its distinctive location on The Palm Island, the rich array of amenities, and our commitment to the highest service standards will ensure the continued success of the resort.”

The 1,539-room Atlantis, The Palm encompasses 46 hectares in total, with 17 hectares dedicated to Aquaventure, a world-class marine and water park. Aquaventure is home to the largest water park in the Middle East with an impressive offering of water rides as well as one of the biggest open-air marine habitats in the world which houses some 65,000 marine animals and offers one-of-a-kind dolphin encounters to guests. The resort also offers an unparalleled array of shopping and dining options including an impressive collection of luxury boutiques and shops paired with a collection of some of the world’s most renowned restaurants including Nobu, Ronda Locatelli, Ossiano and Rostang – The French Brasserie.

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