Advertisement
Singapore markets closed
  • Straits Times Index

    3,090.31
    +17.32 (+0.56%)
     
  • Nikkei

    33,431.51
    -55.38 (-0.17%)
     
  • Hang Seng

    16,830.30
    -212.58 (-1.25%)
     
  • FTSE 100

    7,529.35
    +75.60 (+1.01%)
     
  • Bitcoin USD

    38,726.48
    +994.78 (+2.64%)
     
  • CMC Crypto 200

    800.33
    +8.77 (+1.11%)
     
  • S&P 500

    4,596.88
    +29.08 (+0.64%)
     
  • Dow

    36,240.43
    +289.54 (+0.81%)
     
  • Nasdaq

    14,300.99
    +74.77 (+0.53%)
     
  • Gold

    2,081.80
    +24.60 (+1.20%)
     
  • Crude Oil

    76.33
    +0.37 (+0.49%)
     
  • 10-Yr Bond

    4.2610
    -0.0910 (-2.09%)
     
  • FTSE Bursa Malaysia

    1,456.38
    +3.64 (+0.25%)
     
  • Jakarta Composite Index

    7,059.91
    -20.84 (-0.29%)
     
  • PSE Index

    6,245.18
    +21.45 (+0.34%)
     

US resort sold to arm of Singapore govt

By Romesh Navaratnarajah:

ABR Properties, an entity controlled by GIC Real Estate – the property division of the Government of Singapore Investment Corporation, has acquired the Arizona Biltmore Resort & Spa in the US (pictured), according to reports. The 84-year old property was reportedly bought in February, although the price wasn't disclosed due to a court order. The 740-room resort is one of three major resorts that a US bankruptcy court has allowed GIC to buy, along with the Grand Wailea Resort Hotel & Spa in Hawaii and La Quinta Resort & Club in Palm Springs, California. Biltmore was sold by an investor group known as MSR Resort Golf Course, led by New York-based hedge fund Paulson & Co. and Winthrop Realty Trust. GIC also assumed the existing management agreements for all three resorts, managed by Waldorf Astoria – a luxury brand of Hilton Worldwide.

Romesh Navaratnarajah, Senior Editor at PropertyGuru, wrote this story. To contact him about this or other stories email romesh@allproperty.com.sg

Related Stories:

Mega devt in Colombo gets star designer

Groundbreaking for new Tampines town hub

Singapore Botanic Gardens to get two new attractions

More from PropertyGuru:
Asia-Pac office demand slackens: report
Mega devt in Colombo gets star designer
PropertyGuru is most popular local site in Singapore
UK trumps Australia for cross-border investments