The Government of Singapore Investment Corporation (GIC) has lost a U.S. court battle with Paulson & Company over control of a group of luxury hotels, Financial Times reports. The GIC did not get control of the assets as its offer of nearly $1.475 billion was considered too low. The hotels, including the Grand Wailea in Hawaii and the Arizona Biltmore, were originally part of holdings of a Morgan Stanley real estate fund. The Paulson group got control of the properties in 2011 in exchange for eliminating $600 million of junior debt, after foreclosing on a $200 million loan to the Morgan Stanley fund.

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