Trinity Investments launches in Europe with Park Hyatt Zurich buy

Trinity Investments launches in Europe with Park Hyatt Zurich buy

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A joint partnership among Trinity Investments, funds managed
by Oaktree Capital Management, and funds managed by UBS Asset Management’s Real
Estate & Private Markets Multi-Managers business has acquired the 138-key
Park Hyatt Zurich from an affiliate of Hyatt Hotels Corp. The hotel will remain
branded as Park Hyatt Zurich under a long-term management agreement with Hyatt,
which continues to make progress on its asset light model plan.

While deal price details were not disclosed, a December report
from Bloomberg said negotiations on the sale were underway and that the asset
could fetch a price of around $467 million.

Park Hyatt Zurich occupies a prime island plot in the heart
of Zurich’s central business district and features the largest room inventory
amongst luxury hotels located in the Zurich CBD. In addition to the hotel, the
acquisition includes the property’s nearly 4,000 square meters of office space.

In July 2023, U.S.-based Trinity opened its London office,
led by Managing Partner Ryan Donn, as part of its global expansion. This
acquisition marks Trinity’s first in Europe and extends the long-standing
partnership between Trinity and Oaktree, which began with their first joint
venture in 2017. Since then, the two firms have jointly invested US $2.6
billion in seven different hotel acquisitions in the United States, Mexico, and
Europe, and, together, the firms manage a total of 4,640 rooms. This
acquisition is also Trinity’s second with UBS AM REPM MM, after the groups acquired
the 1,000-key Diplomat Beach Resort in February 2023.

“The Park Hyatt Zurich is the perfect launch of Trinity’s
business model into Europe,” said Ryan Donn, Managing Partner of Trinity
Investments. “We were able to identify a compelling business plan for the
property under our stewardship and assemble best-in-class partners to undertake
the investment. The transaction represents our third hotel acquisition from
Hyatt, our seventh globally with Oaktree, and our second globally with UBS AM
REPM MM. We could not be more thrilled to extend these relationships into the
European arena.”

“This investment marks another significant milestone in the
continued growth of our global hotel platform together with Trinity,” said
Benjamin Bianchi, managing director and head of Europe for Oaktree’s Real
Estate group. “We are also excited to continue our existing relationship with
Hyatt with this trophy property in a market that has been historically
difficult to access for international investors.”

“We are seeing strong growth in our business globally, and a
key part of that is driven by high quality real estate co-investments. As such,
we are pleased to be deepening our relationship with Trinity and Oaktree and
believe this investment presents a strong investment case for our clients,”
said Eric Byrne, head of Multi-Managers, UBS AM REPM MM.

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