BERLIN — While Trinity Investments has managed to acquire three notable hotels since the firm expanded into Europe, the company's lead executive in the region noted there aren't many investment targets in that part of the world that meet Trinity's traditional investment criteria.
The company has typically targeted larger hotels in high-leisure-demand markets with high barriers to entry.
But during an interview at the 2026 International Hospitality Investment Forum EMEA, Trinity Managing Partner, Chief Investment Officer and Head of Europe Ryan Donn said the company is expanding its view on how to invest in the region.
In the last two years "my criteria for investments has adapted a little bit or evolved," he said. "Because I did think that when we bought the Park Hyatt Zurich, for example, which is a pretty chunky asset in terms of value, I'd hoped to go out and replicate that. It wasn't until I kept shopping for the next opportunity that I realized to hold a $300 million or $400 million or $500 million target vastly limits my opportunities."
To adapt to the conditions in Europe, Trinity has adjusted both the types of markets and the investment opportunities executives will look at, with more of an appetite for smaller assets and urban destinations.
"So we had to flex a little bit," he said. "I think as a result, we might look at more portfolios next, but still try to favor chunkier transaction sizes."
Trinity Investments' current three European hotels are The Hoxton, Poblenou in Barcelona; The Standard, London; and the previously mentioned Park Hyatt Zurich, which Donn said all highlight a theme Trinity wants to continue.
"We talked about this all the time on our investment committee: It's quality hotels in quality markets," Donn said. "What we find is that if you stick to that and you don't deviate too far, then you can weather the downturns and the shocks to the system because if they're good hotels in good markets, people will come."
Asked whether Trinity is looking to focus its next wave of investments into the heavy leisure-demand markets across Southern Europe, Donn said the demand patterns there are enticing, but the pool of available hotels to buy is a bit more challenging.
"Deals in Southern Europe tend to be a little bit smaller, so it's tough for us to dedicate the resources that we need in terms of human capital to find deals," he said.
The Barcelona deal for The Hoxton, Poblenou "checked a lot of boxes," Donn said.
"Barcelona is a strong market. It's got a lodging moratorium. It's a place we wanted to own a hotel. We like the lifestyle space that The Hoxton operates in. We weren't really goal-seeking for it, but when the opportunity arose, we seized on it because it was sizable enough and in the right spot," he said.
Watch the video above or listen to the podcast version for more from Trinity Investments' Ryan Donn.