Government of Singapore Investment Corp. is set to buy a group of resorts owned by hedge fund Paulson & Co. for $1.5 billion after no competing bidders emerged for the bankrupt properties.
An auction for the properties was canceled after no competing bids were received, leaving GIC, a sovereign wealth fund, as the successful bidder, according to a filing today in U.S. Bankruptcy Court in Manhattan.
GIC, a creditor in the bankruptcy case, has agreed to buy the Grand Wailea, La Quinta, the Arizona Biltmore in Phoenix, the Claremont resort in Berkeley, California, and property at the Doral, according to court papers. Full story
