Funds managed by investment company Trinity Investments and Oaktree Capital Management have secured $515m refinancing for the Westin Maui Resort and Spa, Kaʻanapali in Hawaii.
Global real estate investment bank Eastdil Secured has acted as a mediator for the deal.
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The refinancing of the existing $360m loan for the resort follows the completion of a nearly $120m relocation and renovation plan for the Westin Maui Resort and Spa by Trinity and Oaktree.
In 2017, the 771-key luxury resort, located on Kaʻanapali Beach, was acquired by a joint venture between Trinity and Oaktree.
It comprises restaurants, an 87,000ft² aquatic playground, as well as access to two golf courses.
The resort has undergone an expansive renovation since the purchase.
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By GlobalDataThe renovation work involved the addition of new food and drink outlets, enhanced pools and reconstruction of the former Beach Tower of the resort into the Hokupaʻa luxury tower.
Oaktree Real Estate Group’s managing director Taejo Kim said: “The resort’s strong performance following the completion of its renovation has generated interest among lenders and we are pleased with the outcome of this refinancing in a challenging capital markets environment.
“We continue to believe in the strong performance of the Hawaiian hospitality market and our partner Trinity as our local operator.”
Trinity managing partner, president and CEO Sean Hehir said: “Since acquiring the Westin Maui Resort and Spa, we’ve leveraged Trinity’s in-house asset management and development capabilities to transform the resort, making it a go-to destination in Maui.
“As the group leisure destination travel market remains strong, the resort is well positioned to offer guests unmatched luxury and marquee experiences.”
