Joint venture acquires eight spa resorts
A newly-formed investment vehicle has acquired the property portfolio of MS Resorts through a foreclosure proceeding.
CNL-AB, a joint venture between hedge fund Paulson & Co and private equity investor Capital Trust, acquired eight MS Resorts in the deal.
The resorts are the Grand Wailea Resort and Spa; Arizona Biltmore Resort and Spa; La Quinta Resort and Club and PGA West; Doral Golf Resort and Spa; Claremont Resort and Spa; Ritz Carlton Grande Lakes; JW Marriott Grande Lakes; and JW Marriott Desert Ridge.
Michael Barr, portfolio manager at Paulson & Co., said, "We and our partners are excited to be owners of some of the world's most desirable resorts and look forward to providing new sponsorship to maximize the value of these irreplaceable assets."
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