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Marriott sells Maui property for about $317M

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-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 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.