Marriott sells Westin Maui Resort & Spa in Hawaii to PE firm
04 April 2017
Marriott International yesterday said that it has completed the sale The Westin Maui Resort & Spa, Ka'anapali in Hawaii to a joint venture of private equity firms Trinity Investments and Oaktree Capital Management for around $317 million.
Marriott said that the sale is part of its plan to sell hotels acquired through its merger with Starwood Hotels & Resorts.
In March last year, Marriott clinched a deal to acquire Starwood Hotels & Resorts for $13.6 billion, beating a competitive bid from China's Anbang Insurance Group-led consortium. (See: Marriott hikes bid for Starwood Hotels & Resorts to $13.6-bn revised)
"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, CFO of Marriott.
"The sale demonstrates the strength of the Westin brand and reaffirms our commitment to our asset-light strategy as we continue our merger integration," he added.
Stretched across 12 oceanfront acres at the center of the historic Ka'anapali Beach, the Westin Maui Resort & Spa is recognised as one of Hawaii's premier destination resorts.
The hotel includes two 12-story guest room towers – the 553-room Ocean Tower and the 206-room Beach Tower, having two championship golf courses, five swimming pools, two water slides, and five food and beverage outlets.
Maryland-based Marriott is the world's largest hotel group with nearly 6,000 properties in 120 countries and territories.
The company's 30 leading brands include Bulgari Hotels and Resorts, The Ritz-Carlton and The Ritz-Carlton Reserve, St. Regis, JW Marriott, The Luxury Collection, Marriott Hotels, Westin, Le Méridien, Renaissance Hotels, Sheraton, and others.