Corinthia Group, well-established in the luxury real estate sector, continues to broaden its horizons through strategic investments, developmental initiatives, and high-end hotel operations. In December, the company entered into a strategic partnership with Kuwait’s Action Real Estate Company, with the objective of identifying and acquiring prime luxury hospitality assets across the Americas and other major international markets.
Corinthia Group, operating under IHI plc, has very recently announced its latest venture in the luxury hospitality market, securing a strategic foothold in Beverly Hills, California.
The investment covers ownership of two contiguous hotels, The Maison and the Mosaic Hotels with plans for further acquisitions in the area later in 2025.
The partners have pooled their resources, expertise, and capabilities to manage, procure, and finance these property assets. The two boutique hotels, with combined 100 keys, are situated in a prime location within the prestigious neighbourhood.
This acquisition, in which IHI plc owns a minority stake, is part of a broader strategy for the Beverly Hills market. It comes on the heels of Corinthia’s significant entry into the North American hotel market with the opening of The Surrey, A Corinthia Hotel in New York. The fully transformed iconic Upper East Side property now boasts 100 exquisitely designed guest rooms and suites, along with 14 exclusive private residences, establishing a new benchmark for luxury accommodations in Manhattan.
The Mosaic Hotel
In addition to its North American ventures, Corinthia is also making significant advancements in Europe and the Middle East. The group recently concluded a comprehensive €150 million restoration of the historic, palatial Grand Hotel Astoria in Brussels, bringing back the splendour of this legendary establishment, and proudly bearing a new name: Corinthia Grand Hotel Astoria, and has now inaugurated the luxurious boutique hotel, Corinthia Grand Hotel de Boulevard in Bucharest.
Moreover, just last month, the company announced plans to manage an ambitious 102-storey hotel and residential project in Dubai, further enhancing its global footprint in the upscale hospitality sector.
Overall, Corinthia aims to expand its portfolio worldwide within the next decade.
The Maison Hotel
For the time being, the Maison and Mosaic hotels will continue to operate under their existing brand identities, managed by Los Angeles-based hospitality specialists Palisociety. Oversight will be provided by Corinthia Real Estate Ventures (C-REV), the development arm of Corinthia, led by Managing Partners Marcus Pisani and Alex Chazkel. C-REV will also be responsible for asset management and identifying strategic opportunities for long-term value enhancement.
Simon Naudi, Corinthia Group CEO, commented: “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 added: “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.”
About the participants:
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.
Action Real Estate 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.
