SAN DIEGO–(BUSINESS WIRE) – A mutual fund managed by Trinity Fund Advisors LLC, a subsidiary of Trinity Real Estate Investments LLC (“Trinity”), announced today that it has acquired a 50 percent interest in the Omni San Diego Hotel from JMI Realty, which originally developed the hotel worked in partnership with Petco Park in 2004. Omni Hotels & Resorts (“Omni”) owns the remaining fifty percent of the property and will continue to manage it. The acquisition also includes more than 13,000 square feet of fully rented street-level retail space across from the hotel.
In the heart of the historic Gaslamp Quarter, next to Petco Park and across from the San Diego Convention Center, the award-winning Omni San Diego Hotel with 511 keys and AAA 4-Diamond is located in a high-traffic area with numerous demand generators. Trinity and Omni plan to capitalize on strategic opportunities including a multi-million dollar capital improvement plan that will include major guest room renovations, reinterpreted food and drink options, and enhancements to the hotel’s rooftop pool deck, fitness center, and other amenities includes.
“We are excited to acquire one of what we believe to be the best located San Diego hotel and to work with Omni to realize the hotel’s full potential,” said Sean Hehir, Managing Partner, President and CEO of Trinity. “Working with Omni, our teams have identified numerous opportunities to increase revenue and position the hotel as the leading destination in the business and leisure travel market.”
Over the past 10 years, the San Diego accommodation market has shown robust growth as a popular getaway, vacation destination, and highly desirable location for business meetings. Downtown is undergoing a major redevelopment with several major office and life science development projects, as well as the anticipated future expansion of the San Diego Convention Center, all of which should fuel increasing demand for well-appointed hotels. In conjunction with their capital improvement plan and taking into account redevelopment activities in the area, Trinity and Omni plan to shift current demand segmentation to higher valued temporary and group deals.
“This is a mutually important and strategic business alignment between Omni Hotels & Resorts and Trinity,” said Peter Strebel, President of Omni Hotels & Resorts. “We are particularly excited to partner with Trinity given their current portfolio of world class assets and their commitment to increasing the hotel’s presence and impact in the San Diego marketplace.”
The Omni San Diego Hotel marks Trinity’s third acquisition on behalf of Trinity GP Fund I LP, Trinity’s first US mixed hospitality fund, following the acquisitions of 352-Key-EAST Miami and 305-Key-W Hollywood in early December Year.
About Trinity Real Estate Investments LLC
Trinity is a private real estate investment firm with 26 years of experience specializing in value-add opportunities. Headquartered in Honolulu, Hawaii with an office in Beverly Hills, California, Trinity is focused on unique real estate investments in world-class markets and has invested more than $ 8 billion in the United States, Mexico, Europe and Japan by building its in-depth investments institutional knowledge and longstanding local relationships. Trinity is based in Honolulu, Hawaii and has an office in Beverly Hills, California. For more information, please visit Trinity’s website at www.trinityinvestments.com.
About Omni Hotels & Resorts
Omni Hotels & Resorts creates real, authentic guest experiences in over 50 unique luxury hotels and resorts in leading business and vacation destinations across North America. With more than 21 iconic golf courses and several short courses, 24 award-winning spas in dynamic locations across the country, each Omni proudly opens its doors to share the true spirit of its destination. With local color, personalized service, unique wellness options, unique restaurants and creative culinary offers, Omni leaves a lasting impression on every guest and is rewarded with a higher degree of recognition and rewards through its Select Guest® loyalty program. Omni is committed to reducing hunger and through its Say Goodnight to Hunger initiative, Omni has a mission to provide billions of billions of meals each year to serve children, families and seniors in the communities where the company operates feed. Through its partnership with Shared Hope International, Omni is dedicated to training its employees to combat human trafficking. Omni Hotels & Resorts is the official hotel of the PGA TOUR® and PGA TOUR Champions. For information or to book accommodation please visit www.omnihotels.com or call 1-800-The-Omni.
