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.