A joint venture between two Los Angeles-based companies has bought the Hawaii island luxury resort Fairmont Orchid.

Woodridge Capital Partners and Oaktree Capital Management, though an investment fund, acquired the more than 30-acre oceanfront property on the Kohala Coast.

They did not disclose how much they paid.

The companies said in a news release Tuesday that Fairmont Hotels & Resorts will continue to manage the hotel.

The Fairmont Orchid has 538 rooms in two towers. The new owners say they intend to make additional upgrades to all guest rooms and common areas and expand the hotel’s spa facilities.