Corinthia Group acquires two boutique hotels in Beverly Hills
Corinthia Group has announced its acquisition of two boutique hotels in Beverly Hills, as part of a recently formed partnership with Kuwait’s Action Real Estate Company.
The acquisition of the neighbouring Maison and Mosaic Hotels by the Action Corinthia joint venture – totalling 100 keys – is part of a broader strategy for the Beverly Hills market.
The hotels will be operated in the immediate term by Los Angeles-based 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.
“This is an important step forward for Corinthia,” says Simon Naudi, Group CEO of 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.”
Sheikh Mubarak A. M. Al Sabah, Chairman of Action Real Estate Company, also adds: “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.”
Corinthia Group operates globally and includes investment, development and operating arms, principally focused on high-end real estate projects and operations. The group announced last December that it had entered into a partnership with Kuwaiti-based conglomerate Action Real Estate Company to explore investment opportunities for luxury hotels and real estate at prime locations in the Americas and beyond.
