HONOLULU AND LOS ANGELES — Trinity Investments LLC and funds managed by Oaktree Capital Management have entered into a joint venture partnership, with plans to invest up to $3 billion in hospitality assets in Hawaii, California, Mexico and Japan.
The formation of the joint venture follows Trinity and Oaktree’s $317 million acquisition of the 759-room Westin Maui Resort and Spa in April. That transaction more than doubled Trinity’s volume of hospitality investment for 2017.
In addition to the four markets mentioned, the joint venture may also pursue investment opportunities in select gateway markets in the continental United States.
Honolulu-based 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,” says Sean Hehir, president and CEO of Trinity. “Oaktree is a savvy investor that recognizes the success of our platform and shares our bullish outlook on these markets.”
The stock price of Los Angeles-based Oaktree Capital Group LLC closed at $46.60 per share on Friday, Aug. 18, up from $43.87 on Aug. 25, 2016.
— Taylor Williams