Blackstone Group to buy Maui resort for $1.1b

Blackstone Group has plans to pay $1.1 billion to acquire the Waldorf Astoria-branded hotel Grand Wailea resort in Hawaii, according to media outlets.

The seller was GIC, a Singapore sovereign wealth fund.

Spanning 40 acres, the Wailea resort includes 780 rooms, three restaurants, multiple swimming pools and a spa. The four-star hotel is currently managed by the Hilton.

The transaction would be the second-largest deal for a single hotel in the United States, following Anbang Insurance Group Co.’s $1.95 billion buy of Manhattan’s Waldorf Astoria from Hilton Worldwide Holdings.