Trinity busy again buying Fairmont in Seattle

SEATTLE – Trinity Investments, perhaps the most active private equity investor in the high-end hotel world, has acquired the 450-room Fairmont Olympic Hotel in downtown Seattle for an undisclosed price. Rockwood Capital was among the sellers.

In 2024 alone, Trinity has invested more than $730 million in hotels and hospitality assets across the globe. This acquisition marks Trinity's 11th hotel transaction in the U.S. since the final closing of its inaugural fund in 2021. As of November 2024, Trinity has invested more than $10 billion in the United States, Mexico, Europe, and Japan.

Today’s news follows Trinity’s recent acquisition of The Standard, London, alongside Oaktree Capital Management and Partners Group.

A little over a week ago, Bloomberg published an article speculating Trinity discussed paying about $13 a share for Sunstone Hotel Investors REIT. Bloomberg, which cited confidential sources, added that the two groups currently are not in active discussions.

The hotel recently underwent a $22 million renovation, transforming its public spaces with updates such as the new Olympic Bar and the redesign of The George restaurant. Trinity plans to refresh the hotel’s accommodations with a full guestroom renovation, the first since 2016.

The property features five dining offerings, 25,000 square feet of event space, street-level retail, and amenities that include a 10,800 square-foot health club with an indoor heated pool, and 6,700 square feet of office space.

“We are thrilled to acquire Fairmont Olympic Seattle, an iconic property that has stood at the heart of this vibrant city for a century,” said Sean Hehir, Managing Partner, President, and CEO of Trinity. “This acquisition represents a unique opportunity to own a fully restored landmark hotel in a high-growth market that is experiencing a resurgence in corporate activity and benefiting from substantial capital investments. We are eager to build on the property’s legacy by embarking on a full guestroom renovation, further solidifying its position as Seattle’s premier destination for business and leisure travelers.”