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.