PARADISE ISLAND, Bahamas -- Kerzner International, the company behind the 2,317-room Atlantis resort complex here, has been busy.

On the heels of announcements that the firm will spend another $600 million on Paradise Island expansions and will develop a $650 million Atlantis-like property in Dubai comes news that the firm will acquire the assets of Club Med, Paradise Island for $40 million.

Club Med will continue to operate the 306-room, 20-acre property until Kerzner takes possession in late 2004.

Club Med, Paradise Island borders the proposed site of a new 1,200-room hotel that is part of Kerzner's recently announced expansion.

To contact reporter Gay Nagle Myers, send e-mail to [email protected].

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