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Trinity, Oaktree Announce $3B Joint Venture

Trinity Investments has entered a joint venture with Oaktree Capital Management to invest $3B in value-add hotel assets within markets in Hawaii, California, Mexico and Japan.

Hotel resort

The announcement comes only a few months after the two partnered in April on the acquisition of the Westin Maui Resort & Spa from an affiliate of Starwood Hotels & Resorts, the companies announced in a statementThat deal was valued at $317M.

The most recent investment will have Trinity overseeing the JV as well as its acquisitions and asset management. Trinity has invested approximately $600M in Hawaiian lodging properties since last fall and has completed more than $5B in hotel and resort transactions over the past 20 years, CoStar reports.

“Expanding our relationship with Oaktree provides us with additional capital to increase our scale in our core markets,” Trinity CEO Sean Hehir said in a statement. “Oaktree is a savvy investor who recognizes 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 hotel portfolio of an estimated $2.1B.

The JV will be seeking investments alongside global institutional groups and high net worth investors located in Trinity’s core markets.