Blackstone acquires La Quinta Resort from Singapore’s GIC: Report

Photo from La Quinta's Facebook page.

Global private equity giant Blackstone has acquired luxury property La Quinta Resort & Club and PGA West near Palm Springs, California from Singapore’s sovereign wealth fund GIC for an undisclosed amount.

The acquisition is part of an earlier reported agreement for Blackstone to acquire a portfolio of three high-end resorts from GIC in a mega-deal.

Blackstone, which had $434.1 billion in assets under management as of its most recent fiscal year, secured more than $1.1 billion in debt from JP Morgan Chase and Deutsche Bank early this month to finance the acquisitions.

A report by the Desert Sun cited county real estate records to confirm the acquisition by Blackstone that sources said could be worth more than a billion dollars.

GIC acquired La Quinta Resort and PGA West in 2013 in a $1.5-billion deal. The acquisition also included the Grand Wailea Resort Hotel & Spa, a Waldorf Astoria Resort luxury resort in Maui, the Arizona Biltmore in Phoenix, and the Claremont Hotel Club & Spa in California.

The Desert Sun report also included a statement by La Quinta Resort & Club and PGA West spokesperson Chris George who said Hilton will continue managing the resort under the Waldorf Astoria brand.

La Quinta features 617 casitas and suites as well as 98 villas. It is the second-largest resort property in the valley by room keys, ranked behind the JW Marriott Desert Springs Resort & Spa.

Last January, Blackstone Group was reported to have agreed to buy Grand Wailea for about $1.1 billion from GIC.

Managed by Hilton, the Grand Wailea is a 780-room resort hotel spread across 40 acres of land on Maui’s southwest shore. It has three restaurants and a spa, as well as nine pools, a 2,000-foot-long river, 11 tennis courts and more.

The private equity firm also bought The Arizona Biltmore Resort & Spa, the 89-year-old iconic resort in Phoenix that GIC in 2013, for $403.4 million, according to a report published by AZCentral.

The sale of the 740-room Biltmore marked the biggest individual resort sale in Phoenix since 2015.

Also Read:

Singapore’s GIC sells iconic Phoenix hotel to Blackstone for $403m: Report

Blackstone said to reach $1.1b deal for Maui resort with Singapore’s GIC

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.