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.

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.