Kerzner International Holdings Ltd., the owner of several luxury getaways, is said to be selling its 50% stake in the Atlantis resort in Duba to Istithmar World, Dubai's investment arm. The move is aimed to meet its financial requirements and restructuring $2.6 billion in mortgage debt coming due next week.

The proceeds would also be used for paying down a portion of the mortgage debt maturing on September 9, 2011 on the Bahamas, Kerzner's flagship property and one of the most popular resorts in North America. People familiar with the development said that the firm could garner as much as $250 million to $350 million from the transaction.

A Kerzner representative declined to divulge further detail of the matter and added "The Company remains in constructive and active discussions with its lenders."

Kerzner, founded by South African casino magnate Sol Kerzner, is said to be in touch with Istithmar, Goldman Sachs Group Inc.'s Whitehall Real Estate Funds and others for the proposed transaction for offloading the debt pile.

Other hotel chains that did handsome business during the real estate boom are also facing the similar fate and looking for garnering funds to meet their requirements.