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Grand Wailea Employees to Keep Jobs After Hotel Sold

While ownership has changed, management will not.
March 22, 2013

Grand Wailea Employees to Keep Jobs After Hotel Sold

South Maui Real Estate

A substantial South Maui real estate purchase was recently made when GIC Real Estate, the real estate arm of the Government of Singapore Investment Corp., bought the Grand Wailea Hotel. Such a decision could not be made without a high level of confidence in returns on the investment, which bodes well, yet it isn't surprising considering climbing hotel occupancy, visitor arrivals, daily spending and revenue per available room on Maui.

For those of you who are unfamiliar with the Grand Wailea, it is a luxury resort in West Maui, and a lot of employees depend on it for their livelihood. Naturally, there were a lot of concerns that the purchase would lead to job losses, but happily, GIC is allowing Hilton Worldwide to continue operating the Grand Wailea. According to Hilton, the transition of ownership will have no impact on the operation of the hotel.

After years of economic instability during the Great Recession, which led to a lot of job losses, Grand Wailea employees certainly felt as if a great weight was lifted when they found their job security would not be threatened by an ownership change. Not everyone is as lucky, even with the economy recovering. Changes in ownership often lead to changes in management, and a restructuring of the business, no matter what kind of business it is, so the news was wonderful to hear.

GIC also purchased the Arizona Biltmore Resort and Spa in Phoenix and the La Quinta Resort & Club in La Quinta, California. All of these luxury resorts are managed by the Waldorf Astoria Hotels & Resorts brand of Hilton Worldwide, but they were not the hotel owners. It was a group led by New York-based Paulson & Co. that sold the properties for $1.5 billion in a bankruptcy auction after finding themselves unable to sell the hotels.

All this means is that GIC got a great deal. The Grand Wailea is one of the most beautiful properties in South Maui, located on the beach and including all the amenities. It is also the favorite hotel of many returning guests. The way the visitor industry is trending upward, it will be surprising if GIC doesn't get a big return on this investment. Only time will tell, and we'll continue to watch for interesting news like this, so check back every Friday for our latest blog on the South Maui community. If you need assistance with your real estate search, you'll find our contact information at the bottom of the page. Mahalo!

Blogs for March 2013

Major Wind Energy Expansion on Maui

Posted on March 29, 2013
Major Wind Energy Expansion on Maui

According to Sempra U.S. Gas & Power, which owns the Auwahi Wind project at Ulupalakua Ranch, they have a plan to expand the wind farm by adding 40 more wind turbines, taking the project from 21 megawatts to 120 megawatts. An investment this ambitious probably wouldn't… Continue Reading

Grand Wailea Employees to Keep Jobs After Hotel Sold

Posted on March 22, 2013
Grand Wailea Employees to Keep Jobs After Hotel Sold

A substantial South Maui real estate purchase was recently made when GIC Real Estate, the real estate arm of the Government of Singapore Investment Corp., bought the Grand Wailea Hotel. Such a decision could not be made without a high level of… Continue Reading

Increased Projected Hawaii Visitor Arrivals

Posted on March 15, 2013
Increased Projected Hawaii Visitor Arrivals

By Mark Harbison

According to the Hawaii Tourism Authority, its projection for 2013 arrivals to Hawaii has increased from 8.1 to 8.5 million visitors, a change that will make a major impact on the economy in a positive way, assuming the projection is accurate. After the excellent… Continue Reading

Hawaii No. 1 in Gallup Poll For Best Work Environment

Posted on March 08, 2013
Hawaii No. 1 in Gallup Poll For Best Work Environment

By Mark Harbison

We have yet another piece of evidence proving Hawaii is a great place to live, which should motivate those thinking about a move to Maui. Specifically, this information refers to working in Hawaii.

According to the new Gallup-Healthways Well-Being Index,… Continue Reading

Maui Performs Well Against Global Destinations

Posted on March 01, 2013
Maui Performs Well Against Global Destinations

By Mark Harbison

Maui has been ranked No. 3 among the world's island and sun destinations for hotel occupancy, according to Hospitality Advisors LLC and Smith Travel Research. Oahu was No. 1, while Kauai and the Big Island were also among the top ten. As a… Continue Reading

Mark and Lisa

Mark A Harbison
R(B) (GRI) (CIPS) (TRC)

Mark@RealEstateMauiHawaii.com

(808) 283-3785

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