Corinthia Group, trading as IHI plc, has formed a partnership with Action Real Estate Company of Kuwait to acquire two boutique hotel properties totaling 100 keys in Beverly Hills, Calif.
The acquisition of the neighboring 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.
“This is an important step forward for Corinthia,” Corinthia Group CEO Simon Naudi said in a statement. “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.”
“We are thrilled to announce our entry into the prestigious Beverly Hills market, marking a significant milestone in our strategic partnership with Corinthia,” said Action Real Estate Company Chairman Sheikh Mubarak A. M. Al Sabah. “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 Los Angeles operator Palisociety under current branding arrangements, under the supervision of Corinthia’s development arm Corinthia Real Estate Ventures and its Managing Partners Marcus Pisani and Alex Chazkel. C-REV will also handle asset management and explore opportunities for future value creation.
Growing a Partnership
Corinthia Group entered into a partnership last December 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.
More recently, 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 – with 100 guestrooms and suites and 14 private residences.