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

Creating An Offshore Hedge Fund Dream Team: The Seven Key Players

Jun 26 2015 | 6:47am ET

If you want to set up an offshore hedge fund, like any great team, you’re only...

Lifestyle

Hedgies Set to Compete in Wall Street Decathlon

Jun 8 2015 | 12:37am ET

The Wall Street Decathlon — a 10-event physical challenge that will crown “Wall...

Guest Contributor

6 Essential Principles To Balance Your Investment Risk

Jun 26 2015 | 10:07am ET

In this article, financial expert Greg Silberman explores how to hedge a private...

 

Editor's Note