Trinity Investments and Elliott Acquire Grande Lakes Orlando Resort

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ORLANDO–(BUSINESS WIRE)–A newly-formed joint venture among funds managed by Trinity Real Estate
Investments LLC (“Trinity”) and funds managed by Elliott Management
Corporation (“Elliott”) today announced the acquisition of the Grande
Lakes Orlando Resort. The 409-acre luxury complex includes two hotels –
a 582-key Ritz-Carlton and a 998-key JW Marriott. The resort also
includes a Greg Norman-designed 18-hole championship-caliber golf course.

“We’re excited to partner with Elliott to acquire this prime resort
destination in Orlando, a market supported by numerous demand generators
and significant infrastructure investment. Elliott and Trinity will
continue to selectively pursue together additional market-leading large
hotel properties with value-add opportunity,” said Sean Hehir, Managing
Partner of Trinity. “By executing our business plan and deploying
strategic capital to elevate and activate the resort experience for both
families and group travelers alike, we intend for Grande Lakes to be
recognized as a destination unto itself.”

Situated in the heart of Orlando’s tourism corridor, the Grande Lakes
Orlando Resort is well positioned to benefit from Orlando’s continuing
strong demand drivers, including record-setting visitation in 2017 as
the first ever U.S. destination to surpass 70 million visitors. In
addition to being a top theme park destination, Orlando ranks as one of
the top three destinations for convention travel in the country, and the
City of Orlando continues to invest billions of dollars in new
infrastructure projects that will make travel and business more
efficient.

Tim Mackey, Portfolio Manager at Elliott responsible for commercial real
estate in the Americas, added, “Elliott is pleased to launch our venture
with Trinity, a globally-recognized hospitality investor and active
asset manager. This investment lies at the crossroads of market
opportunity, accomplished partner, and distinguished asset.”

Set among a lush tropical landscape located within a short drive of the
Orlando International Airport, the Orange County Convention Center, and
popular theme park attractions, the Grande Lakes Orlando Resort is among
the top resort and conference destinations in the Marriott system. The
institutional-quality asset features 278,000 square feet of indoor and
outdoor meeting space, 15 food and beverage outlets, a spa occupying
40,000 square feet with 40 treatment rooms, multiple swimming pools, and
myriad sporting facilities.

The Ritz-Carlton and JW Marriott hotels each carry a four-diamond rating
from AAA. Since 2015, both properties have benefited from
multimillion-dollar renovation projects. Trinity and Elliott, through
their proven value-add platform, plan to implement a multiyear capital
improvement plan to further enhance the resort’s offerings to maintain
its iconic status. In addition to guestroom renovations, planned capital
improvements include upgrades to the resort’s ballroom, meeting spaces,
water features, and food offerings.

About Trinity Real Estate Investments LLC

Trinity is a private real estate investment firm with a 20-year history
of generating value-added returns. Since its inception, Trinity has
consummated more than $4 billion worth of global real estate
transactions in Hawaii, Mexico, and Japan by leveraging its deep
institutional knowledge and longstanding local relationships. With
considerable expertise covering the full spectrum of property
investment, development, and value-enhancing asset management, Trinity
generates unique and opportunistic real estate investments in
world-class markets. Based in Honolulu, Hawaii, Trinity’s pursuits span
an array of geographic locations and asset types, but share the
commonality of being predicated upon best-in-class local relationships
and teams of professionals for sourcing, executing, and realizing
investments within each of its target markets. For additional
information, please visit www.trinityinvestments.com.

About Elliott Management Corporation

Elliott Management Corporation manages two multi-strategy funds, Elliott
Associates, L.P. and Elliott International, L.P., which together have
approximately $35 billion under management. Its flagship fund, Elliott
Associates, L.P., was founded in 1977, making it one of the oldest hedge
funds under continuous management. The Elliott funds’ investors include
pension plans, sovereign wealth funds, endowments, foundations,
funds-of-funds, high net worth individuals and families, and employees
of the firm. Since 2009, Elliott has invested more than $9 billion in
direct commercial real estate across the United States, Europe, and
Asia, in addition to significant investments in CMBS and other real
estate securities.

Contacts

Media:
Jason Chudoba or Megan Kivlehan
ICR for Trinity
Investments
Jason.Chudoba@icrinc.com
| 646-277-1249
Megan.Kivlehan@icrinc.com
| 646-677-1807

Stephen Spruiell
Elliott Management Corporation
sspruiell@elliottmgmt.com
| 212-478-2017

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