The One&Only Ocean Club on Paradise Island in The Bahamas has been acquired by US-based Access Industries, having previously been sold in 2011 to Brookfield Asset Management.

The 150-guestroom One&Only resort, situated on a 36-acre (14.6 hectare) beachfront site, overlooks the Atlantic Ocean and features three restaurants, two outdoor pools, a One&Only spa, fitness centre, six tennis courts and two meeting space venues in addition to several outdoor event spaces.

The property continues to be managed by the original owners, Kerzner International, who sold its facilities – retaining operation contracts with new buyers – as part of its strategy to become a management company.

As part of the transaction, Access also purchased additional beachfront property for future development.

“We will invest in and continue to enhance the property to provide discerning global travellers the ultimate luxury experience in the Caribbean,” said Jonah Sonnenborn, head of real estate at Access. “We look forward to working with our neighbours on Paradise Island, the Bahamian government and Kerzner at this distinctive property.”

Kerzner, developers and operators of destination resorts, casinos and luxury hotels, continues to own the One&Only brand names and retains the right to develop additional resort properties under this name.