<article>Singapore&#8217;s sovereign wealth fund <a href="https://www.dealstreetasia.com/?s=GIC">GIC</a> has sold The Arizona Biltmore Resort &amp; Spa, the 89-year-old iconic resort in Phoenix that it acquired in 2013, for $403.4 million, according to a report published by <a href="https://www.azcentral.com/story/money/real-estate/2018/04/23/arizona-biltmore-phoenix-resort-sold-403-million-blackstone/542791002/">AZCentral</a>.</article>

Singapore&#8217;s sovereign wealth fund <a href="https://www.dealstreetasia.com/?s=GIC">GIC</a> has sold The Arizona Biltmore Resort &amp; Spa, the 89-year-old iconic resort in Phoenix that it acquired in 2013, for $403.4 million, according to a report published by <a href="https://www.azcentral.com/story/money/real-estate/2018/04/23/arizona-biltmore-phoenix-resort-sold-403-million-blackstone/542791002/">AZCentral</a>.
The 740-room Biltmore, which was bought by GIC through its subsidiary ABR Properties LLC, was reportedly sold to New York-based <a href="https://www.dealstreetasia.com/?s=Blackstone">Blackstone Real Estate Advisors </a>last week, marking the biggest individual resort sales in Phoenix since 2015.
Biltmore was among three major U.S. resorts that GIC scooped up by way of approval by the U.S. Bankruptcy Court of the Southern District of New York, according to records.
The amount that GIC paid to acquire the resort in 2013 was not disclosed. The resort hosted every US president since Herbert Hoover until Barack Obama broke the streak.
The AZCentral report quoted a Biltmore spokeswoman as saying that it will be business as usual at the resort and that it will remain a Hilton hotel.
The Biltmore opened in 1929 and initially was a winter-only retreat. The sale marks the fifth time the iconic resort’s ownership structure has changed.
The resort was named Biltmore because it was constructed with Biltmore Block, according to historians. It was designed by Albert Chase McArthur, a former student of famed architect Frank Lloyd Wright.
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Singapore's sovereign wealth fund GIC has sold The Arizona Biltmore Resort & Spa, the 89-year-old iconic resort in Phoenix that it acquired in 2013, for $403.4 million.

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

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