Oaktree and Trinity Investments Secure $515 Million Refinancing for The Westin Maui Resort & Spa

Oaktree and Trinity Investments completed the refinancing of the 771-key luxury resort located on Kaʻanapali Beach in Hawaii

Funds managed by Oaktree Capital Management, L.P. ("Oaktree") and Trinity Investments ("Trinity") announced today that the firms have arranged a $515 million refinancing of the existing $360 million loan for The Westin Maui Resort & Spa, Kaʻanapali. The refinancing follows the completion of Oaktree and Trinity's close to $120 million renovation and repositioning plan for the resort. Eastdil Secured LLC brokered the transaction.

Located on Kaʻanapali Beach, the 12-acre, 771-key luxury resort features an extensive amenities list, including an 87,000 square foot aquatic playground, premier restaurants, lush gardens and waterfalls, and access to two championship golf courses. A joint venture among Oaktree and Trinity acquired the resort in 2017. Since the acquisition, the property has undergone an expansive renovation, adding new and elevated food and beverage experiences, and enhanced pools and exclusive offerings, including the revamp of the resort's former Beach Tower into the Hokupaʻa luxury tower.

"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," said Taejo Kim, Managing Director of Oaktree's Real Estate Group.

"Since acquiring The Westin Maui Resort & 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," said Sean Hehir, Managing Partner, President, and CEO of Trinity. "As the group leisure destination travel market remains strong, the resort is well positioned to offer guests unmatched luxury and marquee experiences."

About Oaktree

Oaktree is a leader among global investment managers specializing in alternative investments, with $172 billion in assets under management as of March 31, 2023. The firm emphasizes an opportunistic, value-oriented and risk-controlled approach to investments in credit, private equity, real assets and listed equities. The firm has over 1,100 employees and offices in 20 cities worldwide. For additional information, please visit Oaktree's website at www.oaktreecapital.com.

About Trinity Real Estate Investments

Trinity is a private real estate investment firm with a 27-year history of specializing in value-add opportunities. Based in Honolulu, Hawaii, with an office in Beverly Hills, California, Trinity focuses on unique real estate investments in world-class markets and has invested more than US $9 billion in the United States, Mexico, Europe, and Japan by leveraging its deep institutional knowledge and longstanding local relationships. For additional information, please visit Trinity's website at www.trinityinvestments.com or on LinkedIn.

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