Private real estate investment firm Trinity Investments, real estate investment firm Walton Street Capital and investment manager Oaktree Capital Management have formed a joint venture to acquire the Hilton Los Cabos Beach & Golf Resort in Los Cabos, Mexico for an undisclosed sum.
The 375-room Hilton Los Cabos Beach & Golf Resort is in the Cabo Real master development on the San Jose-San Lucas corridor at the tip of the Baja California peninsula. The oceanfront resort recently emerged from a multi-million-dollar renovation that gave it a "hotel within a hotel" concept called La Vista Club, which opened in 2016 with 66 guestrooms.
This 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.”
The Hilton hotel is Trinity's second investment in Mexico's gateway markets. Trinity developed the 160-suite Le Meridien Mexico City on the Paseo de la Reforma thoroughfare. In North America, the firm also invests in three hotels and resorts in Maui, Hawaii: the Makena Beach & Golf Resort, the Ritz-Carlton, Kapalua and the Westin Maui Resort & Spa.
“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,” Sean Hehir, president and CEO of Trinity, said in a statement.
Trinity's partner Walton Street has been investing in Mexico since 1998. The firm currently invests in the Antara Fashion Mall in Polanco, Mexico City.