Trinity Investments acquires 50% stake in Omni San Diego hotel
SAN DIEGO – (COMMERCIAL THREAD) – An investment fund managed by Trinity Fund Advisors LLC, a subsidiary of Trinity Real Estate Investments LLC (âTrinityâ), today announced the acquisition of a 50% stake in the Omni San Hotel Diego from JMI Realty, which originally developed the hotel in conjunction with Petco Park in 2004. Omni Hotels & Resorts (âOmniâ) owns the remaining fifty percent interest in the hotel and will continue to manage it. The acquisition also includes over 13,000 square feet of fully leased ground floor retail space across the street from the hotel.
Located in the heart of the historic Gaslamp District, adjacent to Petco Park and across from the San Diego Convention Center, the 511-key, AAA 4-Diamond award-winning Omni San Diego hotel is located in a high traffic area and benefits many demand generators. Trinity and Omni plan to capitalize on strategic opportunities, including a multi-million dollar capital improvement plan involving a complete room makeover, a reimagining of the food and beverage offerings, and the upgraded patio area. hotel rooftop pool, fitness center and other amenities.
âWe are delighted to acquire what we believe is one of the best located hotels in San Diego and to partner with Omni to unlock the full potential of the hotel,â said Sean Hehir, Managing Partner, President and CEO of Trinity. âIn partnership with Omni, our teams have identified numerous opportunities to generate higher revenues and position the hotel as the number one destination in the business and leisure travel market.
Over the past 10 years, the San Diego accommodation market has experienced robust growth as a premier destination for leisure and driving, and a highly desirable location for business meetings. The downtown area is undergoing significant redevelopment, with several large office and life science development projects underway, as well as the planned future expansion of the San Diego Convention Center, all of which are expected to result in increased demand for hotels well. furnished. In conjunction with their capital improvement plan and taking into account the redevelopment activity in the region, Trinity and Omni plan to shift the current segmentation of demand to higher rated group and transit operations.
âThis is a strategically important business alignment between Omni Hotels & Resorts and Trinity,â said Peter Strebel, president of Omni Hotels & Resorts. âWe are particularly excited to partner with Trinity, given their current portfolio of blue chip assets and their commitment to increasing the hotel’s presence and impact in the San Diego market. ”
The Omni San Diego Hotel represents Trinity’s third acquisition on behalf of Trinity GP Fund I LP, Trinity’s premier U.S. hotel fund, following its acquisitions of the 352 EAST Miami keys and 305 W Hollywood keys earlier this year .
About Trinity Real Estate Investments LLC
Trinity is a private real estate investment firm specializing in value-added opportunities for 26 years. Headquartered in Honolulu, Hawaii, with an office in Beverly Hills, CA, Trinity focuses on unique real estate investments in world-class markets and has invested over $ 8 billion in the United States, Mexico, Europe and in Japan by leveraging its in-depth institutional expertise. long-standing local knowledge and connections. Trinity is based in Honolulu, Hawaii, with an office in Beverly Hills, California. For more information, please visit the Trinity website at www.trinityinvestments.com.
About Omni Hotels & Resorts
Omni Hotels & Resorts creates authentic, authentic guest experiences at more than 50 distinct luxury hotels and resorts in major business and leisure destinations across North America. With over 21 iconic golf courses and multiple short courses, 24 award-winning spas featured in vibrant locations nationwide, each Omni proudly opens its doors to share the true spirit of its destination. Reflected by local color, personalized service, unique wellness options, exclusive dining and creative culinary offerings, Omni leaves a lasting impression on every guest and an increased level of recognition and rewards through its loyalty program. Select GuestÂ®. Omni is committed to reducing hunger and is on a mission, through its Say Goodnight to Hunger initiative, to provide millions of meals each year to food banks to feed children, families and the elderly in communities. in which it operates. Through its partnership with Shared Hope International, Omni is dedicated to educating and training its associates to help fight human trafficking. Omni Hotels & Resorts is the official hotel of the PGA TOURÂ® and PGA TOUR Champions. For more information or to book accommodation, visit www.omnihotels.com or call 1-800-The-Omni.