(Jan 11): Blackstone Group LP reached an agreement to acquire a luxury resort on the Hawaiian island of Maui for about US$1.1 billion, according to a person with knowledge of the deal.

The private equity firm plans to buy Grand Wailea from GIC, Singapore’s sovereign wealth fund, said the person, who asked not to be identified because the purchase hasn’t been made public. Representatives for Blackstone and GIC declined to comment.

The transaction would be the second-largest deal for a single hotel in the US. The record was set by China’s Anbang Insurance Group, which bought Manhattan’s Waldorf Astoria from Hilton Worldwide Holdings for US$1.95 billion almost three years ago.

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