A newly formed joint venture between Trinity Investments LLC, funds managed by affiliates of Walton Street Capital LLC and funds managed by Oaktree Capital Management LP acquired the Hilton Los Cabos Beach & Golf Resort in Los Cabos, Mexico, for an undisclosed price.

The 375-room oceanfront resort recently underwent a multimillion-dollar renovation, according to a release.

Hilton Grand Vacations Inc. said in a separate release that it made a $41 million deposit to acquire 87 of the resort's hotel rooms from the joint venture and plans to convert the rooms to 74 timeshare units. Hilton Grand expects to spend a total of $50 million on the acquisition and conversion.

Trinity Investments and certain Oaktree Capital-managed funds had formed a partnership in 2017 to invest up to $3 billion in value-added hotels, along with other global institutional and high-net-worth partners, with a focus on Trinity's core markets of Hawaii, California, Mexico and Japan.