Trinity Investments, Walton Street Capital, and Oaktree Capital Management have announced the formation of a joint venture and acquisition of the Hilton Los Cabos Beach & Golf Resort in Mexico.
(BUSINESS WIRE) Trinity Investments LLC (“Trinity), funds managed by affiliates of Walton Street Capital, L.L.C. (“Walton Street”) and funds managed by Oaktree Capital Management, L.P. (“Oaktree”) today announced the formation of a joint venture and acquisition of the Hilton Los Cabos Beach & Golf Resort (the “Resort”) in Los Cabos, Mexico. The purchase price was not disclosed.
“Purchasing the Hilton Los Cabos Beach & Golf Resort advances our proven strategy of acquiring well-located, high-quality assets with value-add upside in international markets that we know exceptionally well,” said Sean Hehir, president and CEO of Trinity. “We are strong believers in the long-term fundamentals supporting leisure and business travel to Los Cabos, and are pleased to consummate this transaction with two great partners in Oaktree and Walton Street who share this belief.”
The Hilton Los Cabos Beach & Golf Resort is a AAA Four-Diamond, 375-room resort located within the prestigious Cabo Real masterplan along the San Jose-San Lucas corridor at the tip of the Baja California peninsula. The oceanfront Resort has benefited from a recent multi-million renovation that has significantly enhanced the guest experience. Featuring six exceptional food and beverage concepts, a 7,000-square-foot spa and salon, and 88,000 square feet of indoor and outdoor meeting space, the Resort also offers access to one of the area’s only swimmer-friendly beaches.
The Resort’s ‘hotel within a hotel’ concept, La Vista Club, launched in 2016 and includes 66 premium guestrooms. La Vista Club provides an elevated guest experience with exclusive privileges and luxury touches, including private facilities serving complimentary culinary creations for its members. All rooms at the Resort feature high‐speed wireless Internet access, mini‐bar, in‐room safe and LCD television. Recreation options include a TechnoGym® and PRECOR® fitness center, movement studio, two lit tennis courts, two pools with swim‐up bars, a Jacuzzi and a pool concierge.
“This acquisition is a continuation of our strategy to develop and acquire institutional quality assets with leading operating partners,” said Federico Martin del Campo, Managing Partner and CEO of Walton Street Capital México. “We are excited to acquire this world-class hotel, with a top brand such as Hilton, in one of the main tourism markets in Mexico.”
This great investment project and tourist development in Los Cabos is, according to the Secretary of Tourism of Mexico, Enrique de la Madrid, “an additional proof of the confidence of entrepreneurs and investors in our country and in the future of its tourism sector. Undoubtedly, projects like this place Mexico as a world class tourist destination, and contribute to increase the economic development of several regions, create thousands of new jobs and promote higher levels of wellbeing for Mexican families.”
Trinity has an established history of investing in Mexico real estate in gateway markets. Trinity developed the Le Meridien Mexico City, a 160-suite hotel is located on the famous Paseo de la Reforma thoroughfare, which U.S. News named one of the Best Hotels in Mexico City for 2018.