A joint venture of funds managed by Trinity Investments and Oaktree Capital Management acquired a long-term leasehold interest in The Westin Maui Resort & Spa from an affiliate of Starwood Hotels & Resorts.
The 759-room resort on the Hawaiian island’s Ka’anapali Beach will continue to be managed by Westin. As part of the agreement, the JV will make other improvements, including renovating one of the resort’s towers, public areas and F&B.
The sale puts Marriott International nearly a third of the way toward its goal to sell a total of US$1.5 billion in assets owned by the company, a Marriott representative said.
The hotel includes an 87,000-square-foot aquatic area, five swimming pools, more than 67,000 square feet of meeting space and two golf courses.
“We are pleased to add another of Maui’s marquee luxury resorts to our investment portfolio,” said Sean Hehir, president and CEO of Honolulu-based Trinity Investments. “As committed property owners, we plan to make additional capital improvements to enhance the property’s value, making it even more attractive to travelers seeking a truly unique vacation destination.”
Los Angeles-based Oaktree Managing Director Ben Bianchi said the acquisition “fits squarely in our investment strategy.”
Over the past six months, Trinity has completed more than US$600 million in Hawaiian lodging transactions.