Trinity/Oaktree Venture pays $317m for Maui resort
A joint venture among funds managed by Trinity Investments and funds managed by Oaktree Capital Management has acquired a long-term leasehold interest in The Westin Maui Resort & Spa from an affiliate of Starwood Hotels & Resorts.
Located on Ka’anapali Beach, the 759-room luxury resort is situated on 12 acres and features a diverse mix of amenities, including an 87,000-square-foot aquatic playground, lush gardens with waterfalls, five swimming pools, first-rate restaurants and access to two championship golf courses.
Over the past six months, Trinity has closed more than $600 million worth of Hawaiian lodging transactions and is currently pursuing additional investment opportunities in the market.
Hawaii’s lodging market closed 2016 on a high note, achieving its seventh consecutive year of RevPAR growth, at 4.8 percent for the year, according to CBRE. December, traditionally a peak month for the state, saw RevPAR growth of 7.2 percent compared with December 2015. The Big Island and Kauai outperformed, with year-end RevPAR increases of 9.3 percent and 6.8 percent, respectively.