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27 December 2004
By forbes.com
Resort operator Kerzner International Ltd.
reported Monday that it did not experience
significant damage from tsunamis to two resorts
it manages on the Maldives.
Kerzner said insurance is likely to cover
flood damage with limited deductibles based
on initial surveys. The Bahamas-based company
owns a 20 percent interest in a 100-room
One&Only Kanuhura resort and is developing
the 130-room One&Only Reethi Rah resort,
which is scheduled to open in the second
quarter of 2005.
The Maldives, a group of islands located
about 600 miles southwest of the southern
tip of India, were hit by tsunamis Sunday.
The tsunamis accounted for more than 22,000
deaths in coastal areas of South and Southeast
Asia.
Kerzner said it is still assessing damage
at the properties. The company expects management
fees and earnings of about $2 million from
its Maldives properties for 2004.
Shares of Kerzner fell 25 cents to $59.95
in morning trading on the New York Stock
Exchange.
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