Pacific Business News - The government of Singapore has agreed to pay $1.5 billion to buy the Grand Wailea on Maui and three other luxury resorts in the U.S. that were foreclosed by a group led by Paulson & Co. and Winthrop Realty Trust. The 780-room Grand Wailea could be under new ownership by the end of the year after the new owner, the Government of Singapore Investment Corp., holds an auction of the resorts in October.
The newspaper reports the deal with the Government of Singapore Investment Corp. includes the La Quinta Resort & Club and the PGA West golf course in La Quinta, Calif.; the Claremont Resort and Spa in Berkeley, Calif.; and the Arizona Biltmore Resort & Spa in Phoenix, and is scheduled for a hearing on Monday, Sept. 10, before a federal bankruptcy judge in New York City.
