The purchase price was not disclosed.
Omni Hotels & Resorts owns the remaining 50% interest and will continue to manage the hotel.
The acquisition included more than 13,000 square feet of fully leased retail space across the street from the hotel.
JMI Realty developed the hotel at 675 L St. in 2004 in conjunction with construction of Petco Park.
Trinity and Omni said in a press release that they plan to renovate the 511 guest rooms, rooftop deck, and fitness center.
“We are pleased to acquire what we believe to be one of the best-located hotels in San Diego, and to partner with Omni to unlock the hotel’s full potential,” said Sean Hehir, managing partner, president, and CEO of Trinity.
“In partnership with Omni, our teams have identified numerous opportunities to drive higher revenues and position the hotel as the premier destination in the market for business and leisure travel,” Hehir said.