Trinity and Oaktree form US$3bn joint venture to acquire luxury hotel assets
by Tom Walker | 29 Aug 2017
The joint venture has acquired a long-term leasehold interest in The Westin Maui Resort & Spa
US-based private property investor Trinity Investments has partnered with Oaktree Capital – a global asset management firm – to acquire a high-value portfolio of luxury hotel and resort assets.
The joint venture will invest up to US$3bn (£2.3bn, €2.5bn) in high-end hotel and spa resort properties in Trinity’s core markets in Hawaii, California, Mexico and Japan.
The partnership has already acquired its first property – a long-term leasehold interest in The Westin Maui Resort & Spa – which it purchased from Starwood Hotels & Resorts.
Trinity has now began work to improve and enhance the Maui resort, with an estimated US$80m (£62m, €67m) to be spent on upgrading the facilities.
“On a selective basis, the joint venture may also pursue hotel investments in select gateway markets in the US," said a spokesperson.
“Trinity will oversee the joint venture and be responsible for its acquisitions and asset management.”
Sean Hehir, president and CEO of Trinity added: “The relationship with Oaktree provides us with additional capital to increase our scale in our core markets.
“Oaktree is a savvy investor which recognises the success of our platform and shares our bullish outlook on these markets. We look forward to investing with Oaktree during these opportunistic times.”
Oaktree has a number of leisure interests around the globe, including those in wellness and hospitality. In 2014 the firm signed a deal with Sani Resorts to set up a luxury resort management company called Ikos Resorts.
Spa Wellness Trinity Oaktree Capital Maui
US-based private property investor Trinity Investments has partnered with Oaktree Capital – a global asset management firm – to acquire a high-value portfolio of luxury hotel and resort assets. The joint venture will invest up to US$3bn (£2.3bn, €2.5bn) in high-end hotel and spa resort properties in Trinity’s core markets in Hawaii, California, Mexico and Japan. The partnership has already acquired its first property – a long-term leasehold interest in
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