(Bloomberg) -- Marriott International Inc. said it sold the Westin Maui Resort & Spa for about $317 million as part of a plan to dispose of real estate acquired in the merger with Starwood Hotels & Resorts Inc.
Marriott, the world's biggest hotel company, will continue to manage the 759-room oceanfront property in Hawaii. The buyer is a venture among funds managed by Trinity Investments LLC and Oaktree Capital Management LP, Marriott said in a statement Monday.
“The sale demonstrates the strength of the Westin brand and reaffirms our commitment to our asset-light strategy as we continue our merger integration,” Leeny Oberg, chief financial officer of Bethesda, Maryland-based Marriott, said in the statement. The company's $14 billion takeover of Starwood was completed in September.
The Westin Maui Resort & Spa stretches across 12 acres (4.9 hectares) on Ka'anapali Beach. The property includes two 12-story buildings, the larger of which was recently renovated. The second tower will be refurbished by the new owners as part of the deal.
To contact the reporter on this story: Christine Maurus in New York at cmaurus@bloomberg.net.
To contact the editors responsible for this story: Daniel Taub at dtaub@bloomberg.net, Neil Callanan, Andrew Blackman
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