Corinthia Group has announced that its recently formed partnership with Action Real Estate Company of Kuwait has acquired two boutique hotels totaling 100 keys in a prime location in Beverly Hills, CA. The acquisition of the neighboring Maison and Mosaic Hotels by the Action Corinthia joint venture is part of the company's broader strategy for the Beverly Hills market.
With decades of experience in markets around the world, including Europe, the Middle East and Asia Pacific, Action Real Estate Company is now expanding into the United States, which remains a key market for its 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 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. The newly transformed property on the Upper East Side of Manhattan now features 100 guestrooms and suites, and 14 private residences.
In other developments, the group also recently completed the redevelopment of Brussels’ historic Grand Hotel Astoria following an extensive €150 (approximately $164) million rebuild and restoration. Additionally, last week, the group announced plans to operate a 102-story hotel and residential project under development in Dubai.
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