BETHESDA, MD—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 LLC and Oaktree Capital Management L.P. The transaction underscores Marriott’s success advancing its plan to sell hotels acquired through its merger with Starwood Hotels & Resorts last year.
Stretched across 12 oceanfront acres at the center of Ka’anapali Beach, the property includes two 12-story guestroom towers—the 553-room Ocean Tower and the 206-room Beach Tower. The resort’s Ocean Tower recently received a multimillion-dollar renovation, and as part of the transaction agreement, the joint venture has agreed to make further capital improvements—including renovation of the Beach Tower and updates to the resort’s public areas and F&B outlets.
The resort has 67,400 sq. ft. of meeting space and 87,000 sq. ft. of aquatic amenities, including five swimming pools, two water slides and five F&B outlets. It also has a 15,000-sq.-ft. Heavenly Spa by Westin with 16 treatment rooms and a 2,000-sq.-ft. WestinWorkout fitness center.