Aug 20 (Reuters) - The Government of Singapore Investment Corp has bid $1.5 billion for a group of bankrupt hotels owned by hedge fund Paulson & Co, including the Arizona Biltmore Resort & Spa in Phoenix and La Quinta Resort & Club in La Quinta, California.
GIC is a sovereign wealth fund that manages Singapore's foreign reserves and is a large real estate investor in the United States. It is a lender to the hotel group and had already made an offer for the group shortly after the bankruptcy filing. It offered $1.5 billion in cash and debt but the resort group rebuffed it, saying it would try to do better for creditors. Full story
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Paulson Resorts, ATP, Madoff, Slavery Museum: Bankruptcy - BusinessWeek
Singapore fund is US$1.5b bidder for Paulson hotel group - The Malaysian Insider
