Report: Blackstone to buy Maui's Grand Wailea for $1.1bln

Grand Wailea, a Waldorf Astoria Resort. Photo Credit: Waldorf-Astoria

Blackstone Group has reportedly agreed to acquire the Grand Wailea, a Waldorf Astoria Resort luxury resort, in Maui, for roughly $1.1 billion. The private equity giant is buying the resort from GIC, a sovereign wealth fund based in Singapore. The purchase of the property has yet to be made public, and much of the details behind the deal remain unannounced.

If it does close, the transaction would be the second-largest hotel deal for a single U.S. property in history, behind Anbang Insurance Group’s purchase of the Waldorf Astoria in New York from Hilton Worldwide Holdings for $1.95 billion nearly three years ago. 

The Grand Wailea is a 780-room resort hotel currently managed by Hilton. The property is spread across 40 acres of land on Maui’s southwest shore, and the destination has three restaurants and a spa, as well as nine pools, a 2,000-foot-long river, 11 tennis courts and more. The property opened in 1991.

Virtual Event

HOTEL OPTIMIZATION PART 2 | Now Available On-Demand

Survival in these times is highly dependent on a hotel's ability to quickly adapt and pivot their business to meet the current needs of travelers and the surrounding community. Join us for Optimization Part 2 – a FREE virtual event – as we bring together top players in the industry to discuss alternative uses when occupancy is down, ways to boost F&B revenue, how to help your staff adjust to new challenges and more, in a series of panels focused on how you can regain profitability during this crisis.


GIC acquired the resort in March 2013 for $774 million from a transaction overseen by a bankruptcy court. In the same transaction, GIC also purchased the Arizona Biltmore Resort and Spa in Phoenix, also branded under Waldorf Astoria, as well as the La Quinta Resort & Club in La Quinta, Calif., and the Claremont Resort & Spa in Berkeley, Calif.

The last recorded deal between GIC and Blackstone took place in December 2014, when affiliates of GIC purchased IndCor Properties, Blackstone’s U.S.-based industrial platform, from funds affiliated with Blackstone Real Estate Partners VI & VII for a total of $8.1 billion. 

Suggested Articles

The partnership aims to help restaurants streamline online orders from apps like GrubHub, UberEats, DoorDash, Chownow, Caviar, Postmates and others.

Two conferences traditionally held in the first half of each year are rescheduling for the second half.

In October, visitor arrivals were down 90.4 percent compared to 2019 and hotel occupancy was below 20 percent.