New Indian Ocean resort management company formed

KERZNER International has announced its agreement with Sun Resorts that results in the formation of a new management company, One&Only (Indian Ocean) Management, which will develop and operate resort hotels in the Indian Ocean region. Kerzner International will initially own 80% of the new company, while Sun Resorts owns 20% - ownership increases annually to 50% by the end of 2009. At its inception, One&Only (Indian Ocean) will manage five properties including One&Only Le Saint Geran and One&Only Le Touessrok, which has just reopened. The company will also operate One&Only Kanuhura Resort & Spa as well as develop and manage a second property on the island of Reethi Rah, also in the Maldives. (Kim Cochrane)