Trinity Investments and Oaktree Capital Management LP have formed a joint venture that will invest up to $3 billion in hotels in Hawaii, California, Mexico and Japan. The joint venture is planning on investing with institutional and high-net worth partners in these markets.
HONOLULU & LOS ANGELES–(BUSINESS WIRE)–Trinity Investments LLC (“Trinity”) and funds managed by Oaktree Capital Management, L.P. (“Oaktree”) today announced the formation of a joint venture to invest up to $3 billion in high-quality, value added hotels in Trinity’s core markets: Hawaii, California, Mexico and Japan. The joint venture will seek to invest alongside global institutional and high net worth partners in these markets.
This strategic partnership follows Trinity and Oaktree’s recent acquisition of the long-term leasehold interest in The Westin Maui Resort & Spa from an affiliate of Starwood Hotels & Resorts. On a selective basis, the joint venture may also pursue hotel investments in select gateway markets in the United States. Trinity will oversee the joint venture and be responsible for its acquisitions and asset management.
“Expanding our relationship with Oaktree provides us with additional capital to increase our scale in our core markets,” said Sean Hehir, president and CEO of Trinity. “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.”
“This partnership aligns with Oaktree’s strategy to invest with experienced partners in key strategic markets,” said Ben Bianchi of Oaktree. “We are confident that Trinity’s investment acumen and market knowledge coupled with our expertise will result in a highly attractive portfolio of hotel investments.”
About Trinity Investments, LLC
Trinity Investments, LLC is a private real estate investment firm with a 20-year history of generating value-added returns. Since its inception, Trinity has consummated more than $5 billion worth of lodging transactions in Hawaii, Mexico and Japan by leveraging its deep institutional knowledge and longstanding local relationships. With considerable expertise covering the full spectrum of property investment, development and value-enhancing asset management, Trinity generates unique and opportunistic real estate investments in world-class markets. The firm’s pursuits span an array of geographic locations and asset types but share the commonality of being predicated upon best-in-class local relationships and teams of professionals for sourcing, execution and exiting. Headquartered in Honolulu, Hawaii, Trinity maintains offices in New York, Tokyo and Mexico City.
Oaktree is a leader among global investment managers specializing in alternative investments, with $99 billion in assets under management as of June 30, 2017. The firm emphasizes an opportunistic, value-oriented and risk-controlled approach to investments in distressed debt, corporate debt (including high yield debt and senior loans), control investing, convertible securities, real estate and listed equities. Headquartered in Los Angeles, the firm has over 900 employees and offices in 18 cities worldwide. For additional information, please visit Oaktree’s website at www.oaktreecapital.com.