South African millionaire Sol Kerzner's newly opened Atlantis, on Paradise Island in the Bahamas, sets the tone.

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Another influence on the decision of Kerzner's owners was looming competition for the resort the likes of which Atlantis had never encountered.

WSJ: Resort Operator Kerzner Becomes Smaller

Some, such as Baron Funds, contributed their equity in the 2006 deal in the form of stock they already held in Kerzner.

WSJ: Resort Operator Kerzner Becomes Smaller

Mr. Kerzner cashed out some of his shares and rolled over the rest into the newly private company, people familiar with the deal say.

WSJ: Resort Operator Kerzner Becomes Smaller

Istithmar both contributed its existing Kerzner stock and invested more cash.

WSJ: Resort Operator Kerzner Becomes Smaller

Also in 2008, Kerzner completed construction of Atlantis the Palm, its resort in Dubai, with 1, 539 rooms, a water park, a marine habitat and luxury stores.

WSJ: Resort Operator Kerzner Becomes Smaller

The development project, supported by South African billionaire Sol Kerzner, includes what is touted as the Middle East's largest water park and an aquarium of 65, 000 fish.

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Kerzner tried for months prior to the mortgage's Sept. 9 due date to restructure the debt with Brookfield, which held a critical junior piece of the loan.

WSJ: Resort Operator Kerzner Becomes Smaller

For a contrast, follow one of the Palm "fronds" to its southern edge and you will find another of Sol Kerzner's hotels: the recently opened One and Only the Palm.

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