Corinthia Group, trading as IHI plc, has revealed that its recently formed partnership with Action Real Estate Company of Kuwait has acquired two boutique hotels totaling 100 keys in Beverly Hills.
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,” said Simon Naudi, CEO, Corinthia Group. “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, Action Real Estate Company, added, “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 U.S., which remains a key market for future growth and innovation.”
The hotels will be operated in the immediate term by 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.