Corinthia, Kuwait partner buy in Beverly Hills

BEVERLY HILLS, California – Malta-based Corinthia Group, in partnership with Kuwait’s Action Real Estate Co., has acquired two boutique hotel properties, Maison and Mosaic Hotels, in Beverly Hills, California.

The acquired hotels with a total of 100 keys will be operated and branded in the immediate term by Los Angeles operator Palisociety 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 Group, trading as IHI plc, is taking a minority stake in the partnership as part of a broader strategy for the Beverly Hills market.

Corinthia announced last December that it had entered into a partnership with Action Real Estate to explore investment opportunities for luxury hotels and real estate at prime locations in the Americas and beyond.

The Maison in Beverly Hills

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.

“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 creates luxury products and services to the benefit of the local community and our Corinthia brand’s global positioning,” said Corinthia Group CEO Simon Naudi.

Action Real Estate Co. 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.”

In other developments, Corinthia Group also recently completed the redevelopment of Brussels’ historic Grand Hotel Astoria following an extensive €150 million rebuild and restoration, and last week announced plans to operate a landmark 102-storey hotel and residential project under development in Dubai.