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Gov. of Singapore’s $1.5 Billion Bid for Four U.S. Resorts Holds Up in Bankruptcy Court

December 12, 2012
Following a cancellation of a bankruptcy-scheduled auction last week, the Government of Singapore Investment Corp., known as GIC, appears headed to be the new owner of four luxury hotel resorts.

GIC was deemed the successful bidder with a $1.5 billion offer to acquire the resorts from MSR Resort Golf, which has been operating under Chapter 11 bankruptcy protection since February 2011. An auction had been scheduled to determine whether another buyer would pay more for the portfolio of resorts. The auction was cancelled when no higher bidder came forward.

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The four properties to be purchased include the following.

The Grand Wailea, built in 1991 on 40 acres of beachfront property on the island of Maui, HI, has 780 rooms/suites, approximately 91,000 square feet of meeting space, a 50,000-square-foot spa, and approximately 18,000 square feet of retail space.

The La Quinta, built in 1926 on 45 acres at the base of the Santa Rosa Mountains in the Palm Springs, CA, resort area, has 796 rooms/suites, approximately 66,000 square feet of meeting space, a 23,000-square-foot spa, and nine championship golf courses designed by some of golf’s legends, including Pete Dye, Jack Nicklaus, and Greg Norman.

The Arizona Biltmore, built in 1929 in Phoenix, AZ, has 739 rooms/suites, approximately 100,000 square feet of meeting space, a 22,000-square-foot spa, and architecture influenced by Frank Lloyd Wright (who served as a consultant during the Arizona Biltmore’s design and construction). And

The Claremont in Berkeley, CA, built in 1915 and overlooking the San Francisco Bay, has 279 rooms/suites, approximately 26,500 square feet of meeting space, and a 20,000-square-foot spa.

The sale is still subject to bankruptcy court approval.

GIC is a private company wholly owned by the Government of Singapore. It was set up to manage Singapore’s foreign reserves.

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