Marriott International Sells Westin Maui Resort & Spa, Retains ManagementApril 3, 2017, 7:22 AM HST · Updated April 3, 7:27 AM 0 Comments
Marriott International has sold its long-term leasehold interest in The Westin Maui Resort & Spa, Kāʻanapali for approximately $317 million. Under the long-term agreement, Marriott will continue to manage the 759-room property.
The buyer is a joint venture among funds managed by Trinity Investments LLC and Oaktree Capital Management, L.P. Company executives say the transaction underscores Marriott’s progress in advancing its 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 center of the historic Kāʻanapali Beach, the Westin Maui Resort & Spa is 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.
The resort offers 67,400 square feet of meeting space and 87,000 square feet of aquatic amenities, including five swimming pools, two water slides, and five food and beverage outlets. It has also features a 15,000-square-foot Heavenly Spa by Westin with 16 treatment rooms and a 2,000-square-foot WestinWORKOUT fitness center.
Marriott International, Inc. is the world’s largest hotel company based in Bethesda, Maryland, with nearly 6,000 properties in 120 countries and territories.