Corinthia Group (trading as IHI plc) announces its newly formed partnership with Action Real Estate Company of Kuwait, which has acquired two boutique hotels totaling 100 keys, in a prime Beverly Hills, California location.
The Action Corinthia Joint Venture, in which IHI plc has a minor stake, acquired the adjoining Maison and Mosaic Hotels as part of a wider strategy for the Beverly Hills marketplace.
Simon Naudi said:
“This is a significant step forward for Corinthia.”
Beverly Hills is a world-class hospitality destination and we are determined add value and create luxurious products and services for the local community as well as our Corinthia global positioning.
Sheikh Mubarak Al Sabah, Chairman of Action Real Estate Company, said: “We’re thrilled to announce our entry in the prestigious Beverly Hills Market. This marks a significant milestone for our strategic partnership with Corinthia. This transaction is a new chapter in our history as a company that has a track record of global real estate and hotel investments. With decades of expertise in markets around the globe, including Europe and the Middle East, we are expanding into the United States. The United States remains a major market for growth and innovation.”
The hotels will initially be operated by Palisociety, a Los Angeles-based specialist operator, under the current branding arrangements. This will be done under the supervision of Corinthia Real Estate Ventures and its Managing Partner Marcus Pisani. C-REV is also responsible for asset management and will explore future value creation opportunities.
Corinthia Group is a global company with investment, development, and operating arms. Its primary focus is on high-end real estate projects.
The Group announced in December last year that it had entered a partnership with the Kuwaiti conglomerate Action Real Estate Company, to explore investment options for luxury hotels and properties at prime locations throughout the Americas.
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 – featuring 100 guestrooms and suites and 14 private residences – bringing a new design and luxury experience to one of the most coveted addresses on the Upper East Side of Manhattan.
In other developments, the Group also recently completed the redevelopment of Brussels’ historic Grand Hotel Astoria following an extensive €150 million rebuild and restoration of the landmark property, and, last week, announced plans to operate a landmark 102-storey hotel and residential project under development in the heart of Dubai.
