Marriott International has completed the sale of its long-term leasehold interest in The Westin Maui Resort & Spa, Ka’anapali for approximately $317 million.
Marriott will continue to manage the 759-room property under a long-term management agreement.
The buyer is a joint venture among funds managed by Trinity Investments and Oaktree Capital Management.
The transaction underscores 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.”
Stretched across 12 prime oceanfront acres at the centre of the historic Ka’anapali Beach, the Westin Maui Resort & Spa is recognized as one of Hawaii’s premier destination resorts and is ideally positioned within one of the most established resort communities in the Hawaiian Islands.
The property includes two, 12-story guest room towers – the 553-room Ocean Tower and the 206-room Beach Tower.
The resort’s Ocean Tower recently received a multi-million dollar renovation, and as part of the transaction agreement, the joint venture has agreed to make further meaningful capital improvements including renovation of the Beach Tower and updates to the resort’s public areas and food and beverage outlets.