The private equity firm’s purchase of the Grand Wailea property from GIC Pte., Singapore’s sovereign wealth fund, would be the second-largest deal for a single hotel or resort property in the U.S. The 780-room Grand Wailea, which is branded as a Waldorf Astoria resort and managed by Hilton, has three restaurants, a spa, 11 tennis courts and nine pools.
The Blackstone Group LP has reached an agreement to acquire a luxury resort on the Hawaiian island of Maui for about $1.1 billion, Bloomberg reported.
The private equity firm plans to buy Grand Wailea from GIC Pte, Singapore’s sovereign wealth fund, in a transaction that would be the second-largest deal for a single hotel or resort property in the U.S., Bloomberg reported. The record was set by China’s Anbang Insurance Group Co., which bought the Waldorf Astoria in New York City from Hilton Worldwide Holdings Inc. for $1.95 billion almost three years ago.
The 780-room Grand Wailea, which opened in 1991, is branded as a Waldorf Astoria resort and is managed by Hilton, The property spans 40 acres on the southwest shore of Maui and has three restaurants, a spa, 11 tennis courts, a 2,000-ft.-long river and nine pools, including a 770,000-gallon swimming area.
GIC acquired the resort in March 2013 for $774 million from a transaction overseen by a bankruptcy court, Hotel Management reported. In the same transaction, GIC also purchased the Arizona Biltmore Resort and Spa in Phoenix, also branded under Waldorf Astoria, as well as the La Quinta Resort & Club in La Quinta, Calif., and the Claremont Resort & Spa in Berkeley, Calif.
The last recorded deal between GIC and the Blackstone Group, Hotel Management reported, took place in December 2014, when affiliates of GIC purchased IndCor Properties, Blackstone’s U.S.-based industrial platform, from funds affiliated with Blackstone Real Estate Partners VI & VII for a total of $8.1 billion.
Tell Us What You Think!
You must be logged in to post a comment.