Singapore Government to Buy Grand Wailea
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.