GIC acquires US golf courses, clubs for S$1.84 billion
Sovereign wealth fund Government of Singapore Investment Corp (GIC) has bought PGA West and La Quinta Resort & Club (pictured), along with several other high-end golf courses, for US$1.5 billion (S$1.84 billion) from a group led by US-based hedge fund Paulson & Co.
Under the purchase agreement, PGA West’s six courses, comprising 109 holes, will remain PGA-branded until 2061. Paulson & Co will also transfer the licensing agreement to GIC’s property investment division, according to Gary Sims, Managing Director of La Quinta Resort & Club and PGA West, a top-calibre golf destination known for its colourful Hollywood history. Full story