MCLEAN, Va.— GIC Real Estate, the real estate arm of the Government of Singapore Investment Corporation (GIC), has completed its purchase of three landmark resorts managed by the Waldorf Astoria Hotels & Resorts brand of Hilton Worldwide. They are: the 740-room Arizona Biltmore Resort and Spa, Phoenix, Ariz.; the 780-room Grand Wailea Resort, Maui, Hawaii; and the 796-room La Quinta Resort & Club, La Quinta, Calif.
The transition of ownership will have no impact on the day to day operations of the properties as GIC 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.
