Sunday, 21 December 2014
Last updated 2 hours ago
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.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.