Grand Wailea and Blackstone’s Jonathan Grey (Credit: GrandWailea and Wikimedia Commons)
From TRD LA: The shopping spree isn’t over yet.
Blackstone Group agreed to pay $1.1 billion to acquire the Grand Wailea resort in the Hawaiian island of Maui in what appears to be the second largest deal for a single hotel. The seller was GIC Pte, a Singapore sovereign wealth fund, Bloomberg reported.
GIC first acquired the Waldorf Astoria-branded hotel in March 2013 for $774 million, Real Capital Analytics records show.
Spanning 40 acres, the Wailea resort includes 780 rooms, three restaurants, multiple swimming pools and a spa. The four-star hotel is currently managed by the Hilton.
The deal comes on the heels of another massive billion-dollar purchase. Blackstone, America’s largest private landlord, paid Cabot Properties $1.8 billion for a 22 million-square-foot industrial portfolio just last month. Prior to that, the firm dropped $500 million to acquire a 4 million-square-foot industrial portfolio on the West Coast. [Bloomberg] — Natalie Hoberman