The iconic W Hollywood hotel’s leasehold interest was sold for $197 million.
Trinity Fund Advisors and Oaktree Capital Management formed a joint venture. They bought the 305-room hotel at 6250 Hollywood Blvd. from Host Hotels & Resorts. The hotel, which first opened its doors in 2010, has 265 rooms and 40 suites. Marriott International is the parent company of W Hotels & Resorts.
Trinity’s CEO, Sean Hehir, stated that the company has a lot of faith in the Hollywood market. W Hollywood is the company’s only asset in Los Angeles. Despite the fact that it has an office in Beverly Hills.
This location is ideal for us because of our relationship with Marriott, our belief in the Los Angeles market, and Netflix’s expansion in that market. “We are big believers in both the Hollywood submarket and the Los Angeles market,” Hehir said.
Trinity previously also worked with Oaktree
According to John Brady, managing director and head of Oaktree’s global real estate group. “We are thrilled to have acquired the W Hollywood. A landmark property in the heart of Hollywood, which is experiencing an urban revival. Fueled by the surge in streaming content. Trinity and Marriott International are two of our most important business partners, and we are confident in the team’s ability to return the W Hollywood to world-class status.”
Millions of dollars will be spent on renovations at the Trinity and Oaktree hotels. As part of the renovations, guest rooms and public areas, as well as food and beverage options, will be updated.
“We’re most excited about helping to redefine W as a brand and bringing that to Hollywood,” Hehir says. He also mentioned that other W properties are being renovated.
“West Coast flagship of the W brand.”
According to Chris Gabaldon, Marriott’s senior vice president of luxury brands, the city of Los Angeles and the W Hotels brand have changed dramatically since W Hollywood opened ten years ago. It’s exciting to have a visionary partner on board to usher in a new era for this iconic hotel, one that offers global travelers and locals alike the kind of energy and excitement that only W can deliver in a luxury lifestyle hotel.”
Hehir said in an interview that he couldn’t speculate on the project’s cost or timeline, but that he expects to spend six to nine months planning before beginning the upgrades.
“We don’t rush into things”
As a result, the overall goal of the company is clear: to accommodate both leisure and corporate group travel.
Hehir made the remark, “There is plenty of space for meetings here. “You’ve got all the demand generators right across the street,” as the saying goes.
Trinity is looking to acquire more assets in the Los Angeles area with multiple demand generators in the near future, according to Hehir.
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