A partnership between Trinity Investments, funds managed by Oaktree Capital Management, and funds managed by UBS Asset Management’s Real Estate & Private Markets Multi-Managers business (UBS AM REPM MM) has acquired Park Hyatt Zurich in Switzerland.
This joint partnership made the acquisition from an affiliate of Hyatt Hotels Corporation.
This transaction includes a long-term management agreement with Hyatt to maintain the Park Hyatt Zurich branding.
Financial details of the deal have not been disclosed.
In December 2023, Trinity Investments revealed that it was in discussions to acquire this five-star hotel in Switzerland.
The property features 138 guestrooms and suites, 880m² of meeting and event space, alongside three food and beverage venues.
Among other amenities provided at the hotel include a fitness centre, an underground parking garage, a spa, and more.
The acquisition also encompasses the property’s nearly 4,000m² of office space.
Trinity Investments managing partner Ryan Donn said: “The Park Hyatt Zurich is the perfect launch of Trinity’s business model into Europe. We were able to identify a compelling business plan for the property under our stewardship and assemble best-in-class partners to undertake the investment.
“The transaction represents our third hotel acquisition from Hyatt, our seventh globally with Oaktree, and our second globally with UBS AM REPM MM. We could not be more thrilled to extend these relationships into the European arena.”
This acquisition marks Trinity Investments's first foray into the European market.
It also strengthens the existing partnership between Trinity and Oaktree, which dates back to their initial joint venture in 2017.
The two companies have since collectively invested $2.6bn in seven hotel acquisitions across the US, Mexico, and now Europe. They manage a total of 4,640 rooms.
Trinity’s partnership with UBS AM REPM MM is also reinforced through this acquisition, following their previous collaboration on the Diplomat Beach Resort purchase in February 2023.
