GIC sells California Waldorf Astoria hotel to Blackstone

(Image: Hilton) La Quinta Resort & Club, a Waldorf Astoria Resort, La Quinta, Calif. Photo credit: Hilton

Singapore's sovereign wealth fund GIC has sold the La Quinta Resort & Club and PGA West, a Waldorf Astoria Resort, near Palm Springs, Calif. to Blackstone Group for an undisclosed amount.

The hotel sale is part of a previous deal for Blackstone to buy three resorts from GIC. JP Morgan Chase along with Deutsche Bank granted Blackstone a loan totaling more than $1.1 billion to fund the acquisitions in early May 2018. 

Hilton will continue managing the La Quinta. However, the hotel will begin operating under the Waldorf Astoria brand. The property has 617 guestrooms and suites along with 98 villas. 

Virtual Event


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 bought the LA Quinta in 2013 as part of a deal to acquire a 3-hotel portfolio for $1.5 billion. The portfolio included the Grand Wailea Resort Hotels & Spa, a Waldorf Astoria Resort in Maui, the Arizona Biltmore in Phoenix and the Claremont Hotel Club & Spa in California. 

Blackstone acquired the Grand Wailea hotel in a $1.1-billion deal in January 2017. This marked the second largest deal for a hotel in the U.S, according to the Honolulu Star Advertiser. The Hilton-managed Waldorf Astoria resort has 780 guestrooms on the southwest shore of Maui. 

Blackstone also acquired Phoenix's Arizona Biltmore Resort & Spa in 2013 from GIC in a $403.5-million deal, according to AZ Central. The 740-room property changed hands in the city's largest resort sale since 2015. The property, which was designed by Albert Chase McArthur, continues to operate as a Hilton hotel.

Suggested Articles

Bill Navas' Rich-Port Hospitality Development will focus on executing capital projects.

Hotels in Florida, Wisconsin and California have completed renovation projects.

Maestro now can be deployed in any combination of Windows, a browser or on a tablet while providing a centralized view of the guest.