A partnership involving Trinity Investments (Trinity) funds managed by Oaktree Capital Management (Oaktree) and UBS Asset Management’s Real Estate & Private Markets Multi-Managers business (UBS AM REPM MM) has acquired Park Hyatt Zurich.
The five-star, 138-key luxury hotel with ancillary office and parking facilities was sold by an affiliate of Hyatt Hotels Corporation.
It will remain branded as Park Hyatt Zurich under a long-term management agreement with Hyatt.
Largest room inventory
Park Hyatt Zurich occupies a prime island plot in the heart of Zurich’s central business district and has the largest room inventory in luxury hotels in the Zurich Central Business District. The property is comprised of 138 guestrooms and suites, 880 square meters of meeting and event space, three food and beverage facilities, a fitness center, and an underground parking garage. It also has nearly 4,000 square meters of office space.
Ryan Donn, Managing Partner of Trinity Investments, says, “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.”
Significant milestone
Benjamin Bianchi, Managing Director and Head of Europe for Oaktree’s Real Estate group, says, “This investment marks another significant milestone in the continued growth of our global hotel platform together with Trinity.
“We are also excited to continue our existing relationship with Hyatt with this trophy property in a market that has been historically difficult to access for international investors.”
Eric Byrne, Head of Multi-Managers, UBS AM REPM MM, says, “We are seeing strong growth in our business globally, and a key part of that is driven by high quality real estate co-investments. As such, we are pleased to be deepening our relationship with Trinity and Oaktree and believe this investment presents a strong investment case for our clients.”
Park Hyatt Zurich is an icon in Swiss luxury hospitality
Javier Águila, group president EAME, Hyatt, says, “We are excited about Park Hyatt Zurich’s future and to further strengthen the hotel’s positioning as an icon in Swiss luxury hospitality.
“We want to extend our gratitude to Trinity, Oaktree and UBS for their collaboration in ushering in an exciting new chapter for the hotel under new ownership, as we care for Park Hyatt Zurich guests and customers and World of Hyatt members in even more meaningful ways.”
In July 2023, U.S.-based Trinity opened its London office, led by Managing Partner Ryan Donn, as part of its global expansion.
This acquisition marks Trinity’s first in Europe and extends the long-standing partnership between Trinity and Oaktree, which began with their first joint venture in 2017. Since then, the two firms have jointly invested US $2.6 billion in seven different hotel acquisitions in the United States, Mexico, and Europe, and, together, the firms manage a total of 4,640 rooms.
This acquisition is also Trinity’s second with UBS AM REPM MM, after the groups acquired the 1,000-key Diplomat Beach Resort in February 2023.
Oaktree is a leader among global investment managers specializing in alternative investments, with $189 billion in assets under management as of December 31, 2023. The firm emphasizes an opportunistic, value-oriented and risk-controlled approach to investments in credit, private equity, real assets and listed equities. It has over 1,000 employees and offices in 20 cities worldwide.
