A fund affiliated with Trinity Real Estate Investments has acquired a 50% interest in the Omni San Diego Hotel from JMI Realty, the original developer. JMI will retain a 50% interest in the property and will continue to serve as the manager. Located in the Gaslamp Quarter, the property has 511 rooms and 13,000 square feet of fully leased retail space.

Trinity plans to partner with Omni to make strategic property improvements that will drive revenue, with Sean Hehir, managing partner, president and CEO of Trinity, saying that the company has already identified several opportunities to transform the property into "premier destination in the market for business and leisure travel." The plan includes a multimillion-dollar capital improvement program to upgrade the guestrooms, the food and beverage offerings and the hotel's rooftop pool deck and fitness center.

The San Diego is well positioned for a hotel boom. The market was already a popular drive-to destination, and the pandemic only fueled the market's appeal. There is also significant redevelopment in the area with new office and life science development, which will also help to drive demand. As a result, Trinity plans to use the renovation plan to capture higher-rated transient and group business.