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Private equity giant Blackstone Group plans to acquire an upscale Hawaiian resort from Singapore’s sovereign wealth fund GIC for $1.1B, according to reports.
Should the deal go through at the reported price tag, it would mark the second-largest single hotel acquisition in U.S. history, Bloomberg reports. China’s Anbang Insurance Group made the largest single hotel purchase on record with its takeover of New York’s famous Waldorf Astoria in 2014 for $1.9B.
The 780-room Hawaiian resort, called Grand Wailea, is based in Maui and boasts amenities such as a spa, three restaurants and several pools. GIC bought the hotel from hedge fund Paulson & Co. and Boston’s Winthrop Realty Trust for roughly $774M in 2013, according to data from Real Capital Analytics. The property is managed by Hilton Worldwide.
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