The leasehold interest in the Westin Maui Resort & Spa, which sits on 12 oceanfront acres along Ka’anapali Beach, has sold for approximately $317 million.
Trinity Investments LLC and Oaktree Capital Management LP purchased the property from Marriott, which will still manage the 759-room resort under a long-term agreement. The property includes two, 12-story guest room towers – the recently renovated 553-room Ocean Tower and the 206-room Beach Tower, which will be renovated as part of the joint venture’s transaction agreement. They’ve also pledged to update the resort’s public and food and beverage spaces.
“We are proud to announce the sale of this iconic resort property and to expand our portfolio with our strong global partners, Trinity and Oaktree,” Leeny Oberg, chief financial officer of Marriott International, said in a statement. “The sale demonstrates the strength of the Westin brand and reaffirms our commitment to our asset-light strategy as we continue our merger integration.”
Sean Hehir, President and CEO of Honolulu-based Trinity Investments, said in a statement that the company was pleased to add the Westin Maui to its luxury resort portfolio.
“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,” Hehir said.
Trinity said it has completed more than $600 million worth of Hawaii lodging transactions and is pursuing more. At year’s end 2016, Los Angeles-based Oaktree had $101 billion in assets under management.
Oaktree Managing Director Ben Bianchi said in a statement that the Westin Maui transaction ”fits squarely in our investment strategy and is a welcome addition to our hotel investment portfolio.”