Private-equity group Blackstone Group LP reached an agreement to acquire the Grand Wailea, a luxury resort on the Hawaiian island of Maui, for about US$1.1 billion, Bloomberg is reporting.
According to a person with knowledge of the deal, Blackstone is making the deal with Singaporean sovereign wealth fund GIC Pte, according to a person with knowledge of the deal who asked not to be identified. Neither Blackstone nor GIC would comment.
The deal would be the second-largest for a single hotel in the U.S. – the first is China-based Anbang’s deal for the Manhattan Waldorf Astoria from Hilton Worldwide for US$1.95 billion almost three years ago.
The 780-room Wailea is branded as a Waldorf Astoria and managed by Hilton.