A joint partnership among Trinity Investments, funds managed by Oaktree Capital Management and funds managed by UBS Asset Management’s Real Estate & Private Markets Multi-Managers business has acquired Park Hyatt Zurich.
The joint partnership purchased the 138-key luxury hotel located in Zurich’s central business district from an affiliate of Hyatt Hotels Corporation.
In addition to the 138 guestrooms and suites, the hotel comprises 880 square meters of meeting and event space, three food and beverage offerings, a fitness centre and an underground parking garage. 4,000 square meters of office space is also included in the acquisition.
The hotel will remain branded as Park Hyatt Zurich under a long-term management agreement with Hyatt.
In July 2023, US-based Trinity opened its London office as part of its global expansion. This acquisition is Trinity’s first in Europe and extends its partnership with Oaktree, which began with their first joint venture in 2017. Since then, the two firms have jointly invested $2.6 billion in seven different hotel acquisitions in the United States, Mexico and Europe. This acquisition is also Trinity’s second with UBS Asset Management after the groups acquired the 1,000-key Diplomat Beach Resort in February 2023
What they said
Ryan Donn, managing partner of Trinity Investments 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. We could not be more thrilled to extend these relationships into the European arena.”
Benjamin Bianchi, managing director & head of Europe for Oaktree’s Real Estate group added: “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 at UBS AM REPM MM added: “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.”
Javier Aguila, group president EAME at Hyatt added: “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.”