Tuesday, April 09, 2013

Grand Wailea Resort

I love this picture.  Friends from around the world gathered at the Grand Wailea Resort on Maui to celebrate the wedding of our mutual friends & family.

GSIC purchase of Grand Wailea Resort

ABR Properties, an entity controlled by GIC Real Estate – the property division of the Government of Singapore Investment Corporation, has acquired the Arizona Biltmore Resort & Spa in the US (pictured), according to reports.   The 84-year old property was reportedly bought in February, although the price wasn't disclosed due to a court order.   The 740-room resort is one of three major resorts that a US bankruptcy court has allowed GIC to buy, along with the Grand Wailea Resort Hotel & Spa in Hawaii and La Quinta Resort & Club in Palm Springs, California.   Biltmore was sold by an investor group known as MSR Resort Golf Course, led by New York-based hedge fund Paulson & Co. and Winthrop Realty Trust.   GIC also assumed the existing management agreements for all three resorts, managed by Waldorf Astoria – a luxury brand of Hilton Worldwide.    -- 2013 May 16    PROPERTY GURU SG