A Kuwaiti real estate developer has acquired two boutique hotels in Beverly Hills, USA.
Kuwait’s Action Real Estate Company, in partnership with Corinthia Group, acquired the two boutique hotel properties. They have a total of 100 keys in a prime location in Beverly Hills, California.
The acquisition of the neighbouring Maison and Mosaic Hotels by the Action Corinthia joint venture is part of a broader strategy for the Beverly Hills market.
Simon Naudi, Corinthia Group CEO, said: “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 create luxury products and services to the benefit of the local community and our Corinthia brand’s global positioning.”
Action Real Estate Company 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.”
The hotels will be operated in the immediate term by a specialist Los Angeles operator 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.
Corinthia 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.
