Please use a PC Browser to access Register-Tadawul
Get It
PRESSR: Corinthia and Kuwaiti Action Real Estate Company acquire prime location properties in Beverly Hills
Dow Jones Industrial Average -0.51%
S&P 500 index -1.07%
NASDAQ -1.69%
Ishares Trust U.S. Medical Devices ETF -0.10%
Dow Jones Industrial Average DJI | 48458.05 | -0.51% |
S&P 500 index SPX | 6827.41 | -1.07% |
NASDAQ IXIC | 23195.17 | -1.69% |
Ishares Trust U.S. Medical Devices ETF IHI | 62.19 | -0.10% |
Corinthia Group, trading as IHI plc, announces that its recently formed partnership with Action Real Estate Company of Kuwait has acquired two boutique hotel properties totalling 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, in which IHI plc owns a minority stake, 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 operates globally and includes investment, development and operating arms, principally focused on high end real estate projects and operations.
The 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.
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.
-Ends-
For further information contact:
Eve Williams
StickyGinger
ewilliams@wearestickyginger.com
About Corinthia Group
The Corinthia Group, trading as International Hotel Investments plc, is a publicly listed company founded in Malta in 1962. The Group owns, develops, and invests in real estate and hotel assets across Europe, the USA, Africa and the Middle East. Beyond its real estate portfolio, the Group owns Corinthia Hotels, an operating company that manages luxury hotels worldwide in gateway cities such as New York, London, Brussels and a healthy pipeline of locations under development. The Group’s other subsidiaries specialise in project management, design and property development.
About Action Real Estate Company
Action Real Estate Company is an international real estate developer established in Kuwait in 2004, with a primary focus on real estate development, management, and hospitality. The company is a wholly-owned subsidiary of Action Group Holdings, a leading Kuwaiti conglomerate with diverse interests in investments, real estate, hospitality, IT, and energy.
MEDIA CONTACT:
Steve Mallia
PR Strategist | Media Insiders
E: smallia@mediainsiders.com.mt
OR
Ariadne Massa
PR Strategist | Media Insiders
E: amassa@mediainsiders.com.mt
Send us your press releases to pressrelease.zawya@lseg.com
Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.
The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.
To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.
