Maui Business

Singapore Government to Buy Grand Wailea

December 6, 2012, 3:39 PM HST
* Updated December 7, 8:26 AM
Listen to this Article
1 minute
Loading Audio... Article will play after ad...
Playing in :00
A
A
A

Pool at the Grand Wailea. Photo courtesy of Hawaii News Now.

By Sonia Isotov

According to bankruptcy proceedings today in the US Bankruptcy Court for the Southern District of New York in Manhattan, the Government of Singapore Investment Corp will buy the Grand Wailea and three other luxury resorts.

After no bidders stepped up to bid on the bankrupt resort properties owned by the New York-based Paulson & Co., the resort properties sold for $1.5 billion to The Government of Singapore Investment Corp., according to a new report by the Pacific Business News today.

Apparently, an auction had been scheduled for today but was canceled after no other competing bids were received by the Monday deadline.

Other properties included in the deal: the La Quinta Resort & Club and PGA West golf course in La Quinta, Calif. and the Arizona Biltmore Resort & Spa in Phoenix. All three resorts are managed by Waldorf Astoria Management under Hilton Worldwide’s Waldorf Astoria Hotels & Resorts brand. A fourth property included in the deal is the Claremont Resort & Spa in Berkeley, Calif.

E-Mail Newsletters Receive daily or weekly updates via e-mail. Subscribe Now
News Alerts Breaking news alerts on your mobile device. Get the App

Comments

This comments section is a public community forum for the purpose of free expression. Although Maui Now encourages respectful communication only, some content may be considered offensive. Please view at your own discretion. View Comments