A joint venture by funds managed by Trinity Investments and Oaktree Capital Management have closed on the purchase of the Westin Maui Resort & Spa, Ka’anapali for $317 million. Marriott International has sold its long-term leasehold interest in the property but will continue to operate the 759-room property under a long-term management agreement. Located on 12 oceanfront acres at the center of the historic Ka’anapali Beach, the asset includes two, 12-story guest room towers, the 553 room Ocean Tower and the 206 room Beach Tower. The resort offers 67,400 sqf of meeting space and 87,000 sqf of aquatic amenities, including five swimming pools, two water slides, and five food and beverage outlets. The joint venture has agreed to make capital improvements including renovation of the Beach Tower and updates to the resort’s public areas and food outlets. The transaction illustrates Marriott’s plan to sell hotels acquired through its merger with Starwood Hotels & Resorts last year.
“We are proud to announce the sale of this iconic resort property and to expand our portfolio with our strong global partners, Trinity and Oaktree,” said Leeny Oberg, chief financial officer of Marriott International. “The sale demonstrates the strength of the Westin brand and reaffirms our commitment to our asset-light strategy as we continue our merger integration.”
