Singapore Sovereign Eyes Paulson-Owned Hotels

Aug 23 2012 | 10:16am ET

Singapore's sovereign wealth fund has offered to take a group of high-end hotels and resorts off Paulson & Co.'s hands for $1.5 billion.

The Government of Singapore Investment Corp. is the "stalking horse" bidder for the MSR Resort hotel group, which Paulson bought last year from Morgan Stanley and then put into bankruptcy. The two sides have agreed to a $28 million break-up fee if MSR picks another bidder at an Oct. 25 bankruptcy auction.

The MSR group includes Phoenix's Arizona Biltmore Resort & Spa, the Claremont Resort & Spa in Berkeley, Calif., Hawaii's Grand Wailea Resorts Hotel & Spa and the La Quinta Resort & Club in California. Paulson sold one of the hotels, the Doral Golf Resort & Spa in Miami, to Donald Trump.

GIC, which is a creditor of the resort chain, said it would pay $1.12 billion in cash and up to $360 million in debt-related claims.


In Depth

Part II: Roubini Talks Risk, Recovery And The Threat Of A Triple Dip Recession

Oct 21 2014 | 12:41pm ET

In the second half of our interview with Nouriel Roubini, FINalternatives editor...

Lifestyle

Balyasny Pays Over $6M For Lakefront House

Oct 22 2014 | 10:29am ET

A venture headed by hedge fund manager Dmitry Balyasny just paid $6.2 million for...

Guest Contributor

Hedge Funds Weather A Data Management Perfect Storm

Oct 22 2014 | 12:28pm ET

From a regulatory standpoint, nearly every development since the crisis has placed...

 

Videos

Editor's Note

    Guidelines for Guest Articles

    Oct 22 2014 | 9:46am ET

    We are always looking for guest articles from hedge fund managers and buy-side firms.

    If you are interested in submitting a contributed piece for possible publication on FINalternatives, please take a look at the specs. Read more…

 

Futures Magazine

October 2014 Cover

Demeter: Family affair

David and James Hamman launched their fundamental Livestock and Grains Program in March of 2010 but it really was decades in the making.

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.