Above: the One & Only Ocean Club on Paradise Island in the Bahamas. Photo: Caribbean Journal

The property was sold by Brookfield Asset Management to Ukrainian-born businessman Leonard Blavatnik’s Access Industries, which owns hotels including the Grand Hotel du Cap Ferrat on the Cote d’Azur and the Faena Hotel + Universe in Buenos Aires, among others.

Terms of the deal were not disclosed.

The property will continue to be managed by Kerzner International, which operates the property under the One & Only brand.

“The Ocean Club has a storied history as one of the most exclusive destinations in the Caribbean,” Blavatnik said in a statement. ”We are pleased to include this unique property in Access’ portfolio of iconic hotels and we look forward to working with Kerzner’s experienced management team to bring the Resort to a new level of excellence.”

Access also acquired “additional beachfront property for future development,” according to a release.

“Our long-term commitment to The Bahamas continues,” said Alan Leibman, CEO of Kerzner International. “We are extremely excited to begin working with Access at One&Only Ocean Club. They are a world-class organization with a shared vision for the continued excellence of the property, ensuring that the resort remains positioned as the ultimate ultra-luxury guest experience in the region.”

The 105-room One & Only Ocean Club is located on a 36-acre oceanfront site on Paradise Island, and includes the Dune Restaurant by Chef Jean-Georges Vongerichten.

Kerzner said the One & Only management team will continue to operate the resort under Mark DeCocinis, president and COO of One & Only and John Conway, general manager at the One & Only Ocean Club.

Brookfield acquired the One & Only Ocean Club and the nearby Atlantis resort from Kerzner in 2012.