JV between Oaktree and Trinity to invest $3B in Cali hotels
Venture will also invest in properties in Hawaii, Mexico and Japan
Downtown Los Angeles investment firm Oaktree Capital Management has, once again, teamed up with Honolulu-based Trinity Investments to pump as much as $3 billion into hotels throughout California, as well as in Hawaii, Mexico and Japan.
The two firms previously linked arms in April to purchase the leasehold interest in the 759-room Westin Maui Resort & Spa from an affiliate of Starwood Hotels & Resorts for $317 million, PERE reported.
Trinity will be overseeing their latest joint venture, including acquisitions and asset management.
Oaktree’s Ben Bianchi said the firm’s strategy is to invest with partners in key markets. The investment company formed in 1995 and has $99 billion in assets under management as of June 30, according to its website. [PERE] — Subrina Hudson