The Government of Singapore Investment Corporation has offered to buy the Grand Wailea Resort Hotel & Spa and 4 other resorts for a combined price of $1.5 Billion. As reported in Bloomberg, the Singapore sovereign wealth fund manages more than $100 billion of Singapore’s foreign reserves and has already invested in hotels like the Westin Tokyo hotel and bought stakes in Citigroup and Switzerland’s UBS.

The Grand Wailea Resort, which was on Conde Nast Traveler’s Gold List last year, is just across the street from the popular Wailea vacation community of Ho’olei where owners enjoy access to the pools and spa of the Grand Wailea Resort.