Malta-based international hotel owner and investment firm Corinthia Group, in recent partnership with Kuwait-based shareholding closed company Action Real Estate Co., has acquired two boutique hotel properties in Beverly Hills totaling just under 100 keys.
The hotels, Maison 140 and Mosaic Hotel, sit one block opposite one another in Beverly Hills, on Lasky Drive and Spaulding Avenue, respectively.
Maison 140 is a luxury French and Far East-inspired hotel featuring 44 guestrooms, originally built in 1939 as a residential apartment home for silent film star Lillian Gish. Mosaic, with 49 rooms, is currently a part of the Preferred Hotel & Resorts independent hotel chain. It was built in 1959.
The acquisition represents the joint venture’s first tap into the Americas.
“This is an important step forward for Corinthia,” Simon Naudi, chief executive of Corinthia, said in a statement. “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.”
Planning its operations
The hotels will be operated by local hotel operator Palisociety under the supervision of Corinthia’s development arm for now.
“As a company with a strong track record in global real estate and hospitality investments, this transaction represents an exciting chapter for us,” Sheikh Mubarak, chair of Action Real Estate Co., added in a statement. “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.”
Corinthia, which owns and manages 25 hotels worldwide, marked its entrance into North America with the opening of The Surrey, a hotel in New York, which features 100 guestrooms and 14 private residences on the Upper East Side of Manhattan.
It also recently completed the redevelopment of the historic Grand Hotel Astoria in Brussels following an extensive $162 million rebuild and restoration and, earlier this month, announced plans to operate a landmark 102-story hotel and residential project under development in Dubai.
