Westin Maui Resort & Spa

Marriott Sells 759-Room Hawaiian Resort for $317M

by Jeff Shaw

LAHAINA, HAWAII — Marriott International Inc. (NASDAQ: MAR) has sold the Westin Maui Resort and Spa to a joint venture between Trinity Investments LLC and Oaktree Capital Management LP for approximately $317 million.

The 759-room oceanfront resort is situated on 12 acres along Ka’anapali Beach in Lahaina, a town on the island of Maui’s western coast. Guestrooms are split between two 12-story buildings: the 553-room Ocean Tower, which recently underwent a multimillion-dollar renovation, and the 206-room Beach Tower.

According to Bloomberg, the sale represents an effort to dispose of assets that Marriott acquired in its $14 billion takeover of Starwood Hotels & Resorts Inc., which was completed in September 2016. Under the terms of the transaction, Marriott will continue to manage the property.

“The sale demonstrates the strength of the Westin brand and reaffirms our commitment to our asset-light strategy as we continue our merger integration,” said Leeny Oberg, chief financial officer of Bethesda, Md.-based Marriott.

The deal raises Trinity’s volume of transactions in Hawaiian hospitality properties over the last six months to more than $600 million.

As part of the agreement, the buyers have committed to providing capital improvements to the Beach Tower, as well as to the resort’s public areas and restaurants.

Resort amenities include an 87,000-square-foot aquatic playground, 67,400 square feet of meeting space, a 15,000-square-foot spa and a 2,000-square-foot fitness center. All rooms and suites have flat-screen televisions and private balconies.

The Westin Maui also offers guests five swimming pools, five food and beverage outlets, access to two golf courses and a short walk to Whalers Villa Mall and leisure complex.

Marriott’s stock price closed at $92.75 per share on Monday, April 3, up from $66.36 one year ago.

Taylor Williams

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