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

Photo: Bloomberg

Blackstone Group LP reached an agreement to acquire a luxury resort on the Hawaiian island of Maui for about $1.1 billion, according to a person with knowledge of the deal.

The private equity firm plans to buy Grand Wailea from GIC Pte, Singapore’s sovereign wealth fund, said the person, who asked not to be identified because the purchase hasn’t been made public. Representatives for Blackstone and GIC declined to comment.

The transaction would be the second-largest deal for a single hotel in the U.S. The record was set by China’s Anbang Insurance Group Co., which bought Manhattan’s Waldorf Astoria from Hilton Worldwide Holdings Inc. for $1.95 billion almost three years ago.

The 780-room Wailea, branded as a Waldorf Astoria resort and managed by Hilton, spans 40 acres (12 hectares) on the southwest shore of Maui. The property has three restaurants, a spa and multiple pools, including a 770,000-gallon swimming area.

The deal was first reported earlier today by the newsletter Real Estate Alert.

Bloomberg

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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.