Blackstone Agrees to $1.1 Billion Deal for Maui Resort

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

The private equity firm plans to buy Grand Wailea from GIC Pte, 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.