GIC bids $1.5b for bankrupt hotel group
Hedge fund Paulson & Co bought the hotels from Morgan Stanley in 2011 and eventually put them into bankruptcy.
A Reuters report said, “The Government of Singapore Investment Corp has bid $1.5 billion for a group of bankrupt hotels owned by hedge fund Paulson & Co, including the Arizona Biltmore Resort & Spa in Phoenix and La Quinta Resort & Club in La Quinta, California.”
According to the report, the MSR Resort hotel group said it had chosen GIC as the 'stalking horse' or low bidder for the hotels.
View the report here.