Corinthia joins Kuwaiti group to acquire prime US hotel properties
KUWAIT, 2 days ago
Corinthia Group, a major owner and developer of real estate and hotel assets across Europe, Middle East and Africa and US markets, has announced that it has teamed up with Kuwait-based Action Real Estate Company to acquire two boutique hotel properties totalling 100 keys in a prime location in Beverly Hills, California.
Trading as International Hotel Investments (IHI), Corinthia Group operates globally and includes investment, development and operating arms, principally focused on high end real estate projects and operations.
The acquisition of the neighbouring Maison and Mosaic Hotels by the Action Corinthia joint venture, in which IHI owns a minority stake, is part of a broader strategy for the Beverly Hills market, said a statement from Corinthia.
The hotels will be operated in the immediate term by a specialist Los Angeles operator Palisociety under current branding arrangements, under the supervision of Corinthia’s development arm Corinthia Real Estate Ventures (C-REV) and its Managing Partners Marcus Pisani and Alex Chazkel.
C-REV will also handle asset management and explore opportunities for future value creation, it stated.
Group CEO Simon Naudi said: "This is an important step forward for Corinthia. Beverly Hills is one of the world’s foremost hospitality destinations and we are determined to add value and create luxury products and services to the benefit of the local community and our brand’s global positioning."
Action Real Estate Company Chairman Sheikh Mubarak A. M. Al Sabah said: "We are thrilled to announce our entry into the prestigious Beverly Hills market, marking a significant milestone in our strategic partnership with Corinthia."
"As a company with a strong track record in global real estate and hospitality investments, this transaction represents an exciting new chapter for us," he stated.
"With decades of experience in markets around the world, including Europe, the Middle East, and Asia Pacific, we are now expanding into the United States, which remains a key market for future growth and innovation," he added.-TradeArabia News Service
