US-based private property investor Trinity Investments has partnered with Oaktree Capital – a global asset management firm – to acquire a high-value portfolio of luxury hotel and resort assets.

The joint venture will invest up to US$3bn (£2.3bn, €2.5bn) in high-end hotel and Spa resort properties in Trinity’s core markets in Hawaii, California, Mexico and Japan.

The partnership has already acquired its first property – a long-term leasehold interest in The Westin Maui Resort & Spa – which it purchased from Starwood Hotels & Resorts.

Trinity has now began work to improve and enhance the Maui resort, with an estimated US$80m (£62m, €67m) to be spent on upgrading the facilities.

“On a selective basis, the joint venture may also pursue hotel investments in select gateway markets in the US," said a spokesperson.

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

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

“Oaktree is a savvy investor which recognises the success of our platform and shares our bullish outlook on these markets. We look forward to investing with Oaktree during these opportunistic times.”

Oaktree has a number of leisure interests around the globe, including those in Wellness and hospitality. In 2014 the firm signed a deal with Sani Resorts to set up a luxury resort management company called Ikos Resorts.