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Blackstone buys Hilton-managed Calif. resort, golf course from Singapore's GIC

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Blackstone buys Hilton-managed Calif. resort, golf course from Singapore's GIC

Blackstone Group LP acquired the La Quinta Resort & Club and the PGA West golf course in La Quinta, Calif., from the Singapore sovereign wealth fund GIC Private Ltd. in April for an undisclosed sum, The Desert Sun reported, citing county real estate records.

Hilton Worldwide Holdings Inc. will retain management of the resort under the Waldorf Astoria brand, said the property's spokesperson, Chris George, according to the paper.

The resort comprises 617 casitas and suites and 98 villas. Amenities at the asset include nine golf courses, six of which are at PGA West, 190,000 square feet of meeting space, 21 tennis courts and 41 pools.

GIC bought the property alongside three other luxury U.S. resorts for $1.5 billion in 2013. Included in the deal were the Grand Wailea Resort Hotel & Spa on the island of Maui, Hawaii, which Blackstone agreed to buy for a reported $1.1 billion in January and the Arizona Biltmore Resort & Spa in Phoenix, which it bought for $403.4 million in April, the May 26 report noted. The last resort in the portfolio is the Claremont Hotel Club & Spa in Berkeley, Calif.