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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

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