Corinthia and Kuwaiti Action Real Estate company acquire properties in Beverly Hills
Property Corinthia and Kuwaiti Action Real Estate company acquire properties in Beverly Hills
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The acquisition of the neighbouring Maison and Mosaic Hotels by the Action Corinthia joint venture, in which IHI plc owns a minority stake, is part of a broader strategy for the Beverly Hills market
Corinthia Group, trading as IHI plc, announced its recently formed partnership with Action Real Estate Company of Kuwait has acquired two boutique hotel properties totalling 100 keys in Beverly Hills, California. The acquisition of the neighbouring Maison and Mosaic Hotels by the Action Corinthia joint venture, in which IHI plc owns a minority stake, is part of a broader strategy for the Beverly Hills market.
The Corinthia Group's primary focus is on high-end real estate projects and operations. Last December, the group announced a strategic partnership with Kuwaiti-based Action Real Estate Company to explore investment opportunities in luxury hotels and real estate at prime locations across the Americas and beyond.
Simon Naudi, Corinthia Group CEO 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 Corinthia 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. 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.'
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.
Corinthia marked its entrance into North America as a hotel operator with the opening of The Surrey, A Corinthia Hotel in New York, which has been transformed into a signature property featuring 100 guestrooms and suites and 14 private residences, bringing a new design and luxury experience to the Upper East Side of Manhattan.
The group said it also recently completed the redevelopment of Brussels' historic Grand Hotel Astoria, following a rebuild and restoration of the landmark property and announced plans to operate a landmark 102-storey hotel and residential project under development in Dubai.
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