Trinity Investments and Oaktree Capital Management have formed a joint venture to invest up to US$3bn (€2.55bn) in hotels.

The partners said they would invest alongside institutional investors and high-net-worth individuals in high-quality, value-added assets in Hawaii, California, Mexico and Japan. They will also consider select gateway markets in the US.

The announcement comes soon after Trinity and Oaktree acquired a long-term leasehold interest in The Westin Maui Resort & Spa in Hawaii from an affiliate of Starwood Hotels & Resorts.

Trinity will oversee the joint venture and be responsible for acquisitions and asset management.

Sean Hehir, president and CEO of Trinity, said: “Expanding our relationship with Oaktree provides us with additional capital to increase our scale in our core markets.

“Oaktree is a savvy investor who recognises the success of our platform and shares our bullish outlook on these markets.

Ben Bianchi of Oaktree said: “This partnership aligns with Oaktree’s strategy to invest with experienced partners in key strategic markets.

“We are confident that Trinity’s investment acumen and market knowledge coupled with our expertise will result in a highly attractive portfolio of hotel investments.”