Government of Singapore Takes Over La Quinta Resort

Government of Singapore Takes Over La Quinta Resort

LA QUINTA, CA—GIC Real Estate, the real estate division of the Government of Singapore Investment Corp., has purchased the 796-room La Quinta Resort & Club here, along with two other resorts managed by the Waldorf Astoria Hotels & Resorts brand of Hilton Worldwide, for an undisclosed amount.

The other two properties include the 740-room Arizona Biltmore Resort and Spa in Phoenix and the 780-room Grand Wailea Resort in Maui, Hawaii. The new owner has assumed the existing management agreements for all three Waldorf Astoria properties. California-based, KSL Group will act as asset manager for the three resorts.

In addition to the three Waldorf Astoria resorts, GIC has a global portfolio of hotel properties in the U.S., France, the UK, Australia, China and India. Included in these holdings is the 1053-room Hilton Fukuoka Sea Hawk hotel in Fukuoka, Japan.

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