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Sold: The Grand Wailea
The Grand Wailea, which has been operating under bankruptcy protection since 2011, has been sold to a Singaporean government investment fund. In addition to the 780-room Grand Wailea, three other luxury resorts in the portfolio will also go to the investment fund.
The other resorts in the purchased portfolio include the La Quinta Resort & Club, the PGA West golf course in La Quinta, California, the Claremont Resort & Spa in Berkeley, California, and the Arizona Biltmore Resort & Spa in Phoenix.
Although a public auction was scheduled earlier this month in the attempt to get a higher bid than the Government of Singapore Investment Group (GIC), it was cancelled because no other bidders came forward. The sale is still pending, but the Grand Wailea portfolio is expected to be awarded to GIC.
The Grand Wailea portfolio has seen a tumultuous few years, but the managing director of the Grand Wailea seems hopeful that the new ownership will bring the resort success and stability in the future.