Real Estate Firm Trinity Investments Is In Talks to Buy the Park Hyatt Zurich

(Bloomberg) — Real estate-focused Trinity Investments is in talks to acquire the five-star Park Hyatt Zurich, according to people with knowledge of the matter.

A transaction hasn’t been finalized, cautioned one of the people, all of whom requested anonymity discussing confidential information.

Hyatt Hotels Corp. earlier this year hired broker Jones Lang LaSalle Inc. to market the 138-room property, which could fetch around 400 million Swiss francs ($467 million), Bloomberg News reported at the time. Hyatt said in March it would continue operating the hotel under a long-term management agreement after it has been sold. 

A representative for Trinity declined to comment. A Hyatt representative didn’t immediately have a comment.

Read more: Hyatt Plans Sale of Zurich Property as Real Estate Sales Ramp Up

Several of the world’s biggest hotel companies have moved to sell off real estate, including Hyatt, which has transitioned to a so-called asset-light model where it operates but doesn’t own the bulk of its hotels. 

“We continue to successfully execute our asset-light transformation and growth strategy while returning meaningful capital to shareholders,” Chief Executive Officer Mark Hoplamazian said in a November statement. In August, he said that since the beginning of 2017, the company has realized proceeds of $3.8 billion from sales of owned hotel real estate. 

Honolulu-based Trinity in October said it had opened a London office, reflecting its “long-term belief in the strength of the lodging sector and the growing opportunity in the European hotel real estate market.” The firm, led by CEO Sean Hehir, owns numerous hotels including the Hyatt Regency Indian Wells Resort & Spa and the Hilton Los Cabos Beach & Golf Resort, its website shows. 

–With assistance from Patrick Clark and Jack Sidders.

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