Trinity, Oaktree Launch $3B Hotel JV

Terinity and Oaktree partnered on the acquisition of the Westin Maui Resort & Spa this past April.

HONOLULU and LOS ANGELES—Lodging specialist Trinity Investments LLC has formed a joint venture with funds managed by Oaktree Capital Management LP that will invest up to $3 billion in hotel properties in Trinity’s core markets: Hawaii, California, Mexico and Japan. The JV will seek to invest alongside global institutional and high net worth partners in these markets.

Trinity, headquartered in Honolulu, and Los Angeles-based Oaktree recently partnered on the acquisition of the the long-term leasehold interest in The Westin Maui Resort & Spa from an affiliate of Starwood Hotels & Resorts. The deal, announced in April, was valued at $317 million, according to Real Capital Analytics data. Trinity has made about $600 million of investments in Hawaiian lodging properties since last fall.