Credit: Trinity InvestmentsTrinity: “The European hotel sector continues to prove naysayers wrong”
Interview with Ryan Donn, Trinity’s CIO & Head of Europe, reveals success strategy behind value-add hospitality acquisitions
October 16, 2025Real Estate
Written by Helen Richards
For nearly three decades, Trinity Investments has carved out a distinct and successful niche, specialising in the dynamic world of full-service, upper-upscale and luxury hotels and resorts across high-barrier-to-entry markets in North America, and more recently, Europe.
Trinity’s vertically integrated platform and hands-on asset management approach drive the firm’s ability to unlock meaningful value in every deal. They don't just buy; they transform, executing comprehensive strategies that involve operational enhancements, capital improvements, and strategic repositionings.
“We want to invest in assets where we control our own destiny through hands-on value creation and not just ride market tailwinds,” says Ryan Donn, Trinity’s CIO & Head of Europe, in an exclusive interview with the GRI Institute.
The firm’s recent deal sheet is proof of concept. In Europe, Trinity has made headline-grabbing acquisitions, including the Park Hyatt Zurich, a flagship property they are collaborating with Hyatt to renovate and expand, and The Standard London, an iconic lifestyle hotel in King’s Cross. Meanwhile, another major European acquisition is poised for announcement before the year is out.
Stateside, Trinity has demonstrated remarkable market timing and execution, with transactions surpassing USD 1 billion this year, even in a market with less than perfect liquidity. “We are proudest to yield successful exits in these moments,” says Ryan.
What drove the expansion of Trinity Investments into the European market, and how would you describe the European hotel sector at current?
Our expansion into Europe was a natural evolution of Trinity’s platform. It started on the premise that the dynamics that have driven our US success - a strong demand for upper-upscale and luxury hotels, limited supply in high-barrier markets, and the opportunity to add value through active ownership - exist across Europe.
We are also very fortunate to have relationships in equity, debt, and the operating companies that span both continents, which allowed us to be relevant even more quickly than expected.
Today, the European hotel sector continues to prove naysayers wrong, supported by resilient leisure travel and a return of corporate and group demand in key cities.
We see the most attractive opportunities in gateway urban markets, as well as in iconic leisure destinations across Southern Europe where international travel demand is particularly durable. Sub-sectors like luxury lifestyle hotels and resort assets are especially compelling, as they continue to capture outsized rate growth and cater to shifting consumer preferences.
Park Hyatt Zurich, Switzerland. (Credit: Visa)
You are aiming to replicate Trinity Investment’s US success in the European market, targeting EUR 1.5 billion in European assets. How are you adapting your US playbook to the European market?
While our strategy is consistent, the European market has its own nuances. The ownership landscape is often more fragmented, and there are more diverse operating structures compared to the US.
We’ve adapted by building a local presence in London with a dedicated team on the ground. It’s been important for me to build a truly European team who each bring in years of experience and relationships from prior years in the industry. Meanwhile, I’m here to bring continuity to Trinity’s history and growth culture, leveraging our global platform and relationships with leading brands and institutional partners.
The fundamentals of our playbook - operational improvements, strategic capital investment, and brand optimisation - translate well, but local execution is critical.
Trinity is known for its value-add focus. What are the main criteria you look for in a prime value-add opportunity?
Value-add has always been at the core of Trinity’s DNA, and in today’s market, it is more relevant than ever. Rising interest rates and muted transaction activity have created opportunities for well-capitalised, active managers like us to step in and solve for complexity where others may be constrained.
When we evaluate an asset for value-add potential, we look for several key criteria:
Put simply, we want to invest in assets where we control our own destiny through hands-on value creation and not just ride market tailwinds.
Thank you for your time, Ryan!
Learn more about Trinity Investment here.
For nearly three decades, Trinity Investments has carved out a distinct and successful niche, specialising in the dynamic world of full-service, upper-upscale and luxury hotels and resorts across high-barrier-to-entry markets in North America, and more recently, Europe.
Trinity’s vertically integrated platform and hands-on asset management approach drive the firm’s ability to unlock meaningful value in every deal. They don't just buy; they transform, executing comprehensive strategies that involve operational enhancements, capital improvements, and strategic repositionings.
“We want to invest in assets where we control our own destiny through hands-on value creation and not just ride market tailwinds,” says Ryan Donn, Trinity’s CIO & Head of Europe, in an exclusive interview with the GRI Institute.
The firm’s recent deal sheet is proof of concept. In Europe, Trinity has made headline-grabbing acquisitions, including the Park Hyatt Zurich, a flagship property they are collaborating with Hyatt to renovate and expand, and The Standard London, an iconic lifestyle hotel in King’s Cross. Meanwhile, another major European acquisition is poised for announcement before the year is out.
Stateside, Trinity has demonstrated remarkable market timing and execution, with transactions surpassing USD 1 billion this year, even in a market with less than perfect liquidity. “We are proudest to yield successful exits in these moments,” says Ryan.
What drove the expansion of Trinity Investments into the European market, and how would you describe the European hotel sector at current?
Our expansion into Europe was a natural evolution of Trinity’s platform. It started on the premise that the dynamics that have driven our US success - a strong demand for upper-upscale and luxury hotels, limited supply in high-barrier markets, and the opportunity to add value through active ownership - exist across Europe.
We are also very fortunate to have relationships in equity, debt, and the operating companies that span both continents, which allowed us to be relevant even more quickly than expected.
Today, the European hotel sector continues to prove naysayers wrong, supported by resilient leisure travel and a return of corporate and group demand in key cities.
We see the most attractive opportunities in gateway urban markets, as well as in iconic leisure destinations across Southern Europe where international travel demand is particularly durable. Sub-sectors like luxury lifestyle hotels and resort assets are especially compelling, as they continue to capture outsized rate growth and cater to shifting consumer preferences.
Park Hyatt Zurich, Switzerland. (Credit: Visa)You are aiming to replicate Trinity Investment’s US success in the European market, targeting EUR 1.5 billion in European assets. How are you adapting your US playbook to the European market?
While our strategy is consistent, the European market has its own nuances. The ownership landscape is often more fragmented, and there are more diverse operating structures compared to the US.
We’ve adapted by building a local presence in London with a dedicated team on the ground. It’s been important for me to build a truly European team who each bring in years of experience and relationships from prior years in the industry. Meanwhile, I’m here to bring continuity to Trinity’s history and growth culture, leveraging our global platform and relationships with leading brands and institutional partners.
The fundamentals of our playbook - operational improvements, strategic capital investment, and brand optimisation - translate well, but local execution is critical.
Trinity is known for its value-add focus. What are the main criteria you look for in a prime value-add opportunity?
Value-add has always been at the core of Trinity’s DNA, and in today’s market, it is more relevant than ever. Rising interest rates and muted transaction activity have created opportunities for well-capitalised, active managers like us to step in and solve for complexity where others may be constrained.
When we evaluate an asset for value-add potential, we look for several key criteria:
- Market Fundamentals: The hotel must be in a high-barrier-to-entry market with strong demand drivers from leisure, corporate, and/or group that provide durable long-term fundamentals.
- Physical or Operational Upside: We seek assets with a clear path to unlock value, whether through renovating guestrooms and public spaces, optimising F&B outlets, or implementing more sophisticated revenue management strategies.
- Capital Structure Complexity: Often, opportunities emerge from capital markets dislocation. We are comfortable navigating complex ownership structures, recapitalisations, or situations where a fresh capital solution is required.
- Brand and Partnership Alignment: Partnering with the right brand and operator is essential. We often look for hotels where a change in flag, operator, or brand strategy can reposition the property to its highest and best use.
Put simply, we want to invest in assets where we control our own destiny through hands-on value creation and not just ride market tailwinds.
Thank you for your time, Ryan!
Learn more about Trinity Investment here.