Singapore Offers to Buy Five US Resorts

17th February 2011 (Last Updated February 17th, 2011 18:30)

The Government of Singapore Investment Corporation has offered to buy five resorts owned by investors, including the hedge fund Paulson, which went into bankruptcy on 1 February 2011. The hotels include Arizona Biltmore, La Quinta Resort & Club, Grand Wailea Resorts Hotel & Spa,

The Government of Singapore Investment Corporation has offered to buy five resorts owned by investors, including the hedge fund Paulson, which went into bankruptcy on 1 February 2011.

The hotels include Arizona Biltmore, La Quinta Resort & Club, Grand Wailea Resorts Hotel & Spa, Doral Golf Resort & Spa and Claremont Resort & Spa.

The hotels comprise 3,000 rooms, 91,440m² of meeting space and 14 golf courses.

The five hotels were among eight properties the Paulson affiliates acquired at a bankruptcy auction, according to Bloomberg.

The remaining three hotels, which are not part of Chapter 11, include JW Marriott Orlando Grande Lakes, Ritz-Carlton Orlando and JW Marriott Desert Ridge.