Marriott Jettisons Hawaii Hotel For $317M As Part Of Post-Merger Strategy
Marriott International sold the Westin Maui Resort & Spa for $317M to a group of funds managed by Trinity Investments and Oaktree Capital Management.
The deal came as part of Marriott's push to unload real estate following its takeover of Starwood Hotels & Resorts in September for $14B. Among the many ramifications inherent in such a massive merger, Marriott has worked to fit the two portfolios together. Marriott chief financial officer Leeny Oberg said the sale of the Hawaii hotel represents the company’s commitment to an asset-light strategy, Bloomberg reports.
Marriott will continue to manage the property and the new owners will renovate the older of the hotel’s two 12-story buildings, according to terms of the deal.