The World hotel scrapped by Nakheel, Kerzner
Coral Island hotel project launched in 2007, scuppered by downturn
Dubai's Nakheel was planning a luxury hotel on its manmade The World development alongside South African hotel operator Kerzner International, but scrapped the project due to the 2008 property crisis, CW sister publication Arabian Business has learnt.
Launched in 2007, the hotel project was to be built on Coral Island, a luxury resort covering 73ha in the North American region of The World.
Located across 20 connected islands and with 9.5km of beachfront, the central area was to include a 150-room hotel and spa and marina and 300 beach villas, townhouses and water-homes.
As part of a trial hearing before Dubai World Tribunal on Tuesday, a witness revealed the resort was to be a joint venture between The World, a subsidiary of Nakheel and Kerzner International, the operator of the Atlantis The Palm Hotel on Palm Jumeirah.
A Kerzner International spokesperson confirmed the plans, but revealed the project had now been terminated.
“We were developing a project on Coral Island with Nakheelm which was going to be a One&Only. The project was referred to as One&Only Coral Island, The World, when it was in the development stages.
"It was terminated when Dubai entered the financial crisis. It was not an Atlantis project,” the spokesperson confirmed.
Last month, Kerzner sold its 50% stake in Atlantis, The Palm to resort co-owner Istithmar World, a unit of Dubai World, for $250m.