January 12, 2018 Comments (0) Views: 678 Hawaii, National News, West

Blackstone Buying Maui Resort for $1.1B

Blackstone Group LP is acquiring Grand Wailea from GIC Pte, Singapore’s sovereign wealth fund, for a reported $1.1 billion. The 40-acre luxury resort is located on the Hawaiian island of Maui.

The property includes the 780-room Wailea, branded as a Waldorf Astoria resort and managed by Hilton. Located 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 would mark Blackstone’s return to Hawaii, following its sale of the Hyatt Regency Waikiki Beach Resort to South Korea’s Mirae Asset for $780 million in 2016.

When the deal closes, it would rank as the second-largest involving a single hotel in the U.S. Nearly three years ago, China’s Anbang Insurance Group Co. acquired Manhattan’s Waldorf Astoria from Hilton Worldwide Holdings Inc. for $1.95 billion.

Read more at Bloomberg


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