Trinity Real Estate Investments has acquired a 50 percent stake in Omni San Diego Hotel from JMI Realty. No financial terms were disclosed. Omni owns the remaining 50 percent in the hotel and will continue to manage it.
SAN DIEGO (December 21, 2021) – An investment fund managed by Trinity Fund Advisors LLC, an affiliate of Trinity Real Estate Investments LLC (“Trinity”), today announced the acquisition of a 50 percent interest in Omni San Diego Hotel from JMI Realty, who originally developed the hotel in conjunction with Petco Park in 2004. Omni Hotels & Resorts (“Omni”) owns the remaining fifty percent interest in the hotel and will continue to manage it. The acquisition also includes more than 13,000 square feet of fully leased, street-level retail space, located across the street from the hotel.
Situated in the heart of the historic Gaslamp Quarter, adjacent to Petco Park and across from the San Diego Convention Center, the 511-key, AAA 4-Diamond, award-winning Omni San Diego Hotel is located in a highly trafficked area and benefits from numerous demand generators. Trinity and Omni plan to take advantage of strategic opportunities, including a multimillion-dollar capital improvement plan involving a comprehensive renovation of guestrooms, a reimagination of the food and beverage offerings, and the enhancement of the hotel’s rooftop pool deck, fitness center and other amenities.
“We are pleased to acquire, what we believe to be, one of the best-located hotels in San Diego, and to partner with Omni to unlock the hotel’s full potential,” said Sean Hehir, Managing Partner, President and CEO of Trinity. “In partnership with Omni, our teams have identified numerous opportunities to drive higher revenues and position the hotel as the premier destination in the market for business and leisure travel.”
Over the last 10 years, the San Diego lodging market has demonstrated robust growth as a top drive-to, leisure destination, and highly desirable locale for business gatherings. The downtown area is experiencing significant redevelopment, with several large office and life science development projects underway, as well as the anticipated future expansion of the San Diego Convention Center, all of which projected to drive increased demand for well-appointed hotels. In conjunction with their capital improvement plan, and factoring in the area’s redevelopment activity, Trinity and Omni plan to shift current demand segmentation to higher-rated transient and group business.
“This is a mutually important and strategic business alignment between Omni Hotels & Resorts and Trinity,” said Omni Hotels & Resorts’ President Peter Strebel. “We are especially excited to partner with Trinity, given their current portfolio of premier assets, and their dedication to elevating the hotel’s presence and impact in the San Diego market.”
The Omni San Diego Hotel represents Trinity’s third acquisition on behalf of Trinity GP Fund I L.P., Trinity’s inaugural U.S. commingled hospitality fund, following its acquisitions of the 352-key EAST Miami and the 305-key W Hollywood, earlier this year.
About Trinity Real Estate Investments LLC
Trinity is a private real estate investment firm with a 26-year history of specializing in value-add opportunities. Based in Honolulu, Hawaii, with an office in Beverly Hills, California, Trinity focuses on unique real estate investments in world-class markets and has invested more than $8 billion in the United States, Mexico, Europe, and Japan by leveraging its deep institutional knowledge and longstanding local relationships. Trinity is based in Honolulu, Hawaii, with an office in Beverly Hills, California. For additional information, please visit Trinity’s website at www.trinityinvestments.com.