The Grand Wailea Resort Hotel & Spa in Hawaii and four other luxury resorts in bankruptcy received two competing loan offers, one from the Singapore government, a lawyer for the properties’ owner said.Paulson & Co., a New York-based hedge fund that seized the resorts in a foreclosure auction last week, offered the other loan with Five Mile Capital Partners LLC, said Paul Basta, a lawyer for MSR Resort Golf Course LLC. Singapore’s government already is invested in two mezzanine loans in the company valued at $250 million and $110 million. Full story
