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US: Corinthia Group, a hospitality developer and operator trading as IHI plc, has partnered with Kuwait’s Action Real Estate Company to acquire two boutique hotels in Beverly Hills, California.
The acquisition, which includes the Maison and Mosaic Hotels totalling 100 keys, was made through the Action Corinthia joint venture, in which IHI plc holds a minority stake.
In the short term, both hotels will be operated by Los Angeles-based operator Palisociety under existing branding, while Corinthia’s development arm, Corinthia Real Estate Ventures, will oversee asset management.
Corinthia said that the deal forms part of a broader vision to establish a strong presence in the Beverly Hills market.
Simon Naudi, CEO of Corinthia Group, said: “This is an important step forward for Corinthia. Beverly Hills is one of the world’s foremost hospitality destinations, and we are committed to enhancing these properties with luxury products and services that benefit both the local community and Corinthia’s global brand.”
Sheikh Mubarak A. M. Al Sabah, chairman of Action Real Estate Company said: “We are thrilled to enter the prestigious Beverly Hills market, a milestone in our strategic partnership with Corinthia.
“With a strong track record in real estate and hospitality investments across Europe, the Middle East, and Asia Pacific, expanding into the US is a natural progression for us. This acquisition represents an exciting new chapter in our growth strategy,” he added.
The transaction follows Corinthia’s recent expansion into North America with the opening of The Surrey, A Corinthia Hotel in New York, featuring 100 guest rooms, suites, and 14 private residences.
The group has also completed the €150 (£126) million redevelopment of Brussels’ historic Grand Hotel Astoria and revealed plans to operate a 102-storey luxury hotel and residential tower in Dubai.
