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The Corinthia Group is expanding its footprint in Beverly Hills through a third high-profile acquisition, further consolidating its position in one of the world’s most prestigious real estate markets.
The Maltese company, which trades as International Hotel Investments plc (IHI), announced that its joint venture with Kuwait’s Action Real Estate Company has secured the rights to acquire an office block adjacent to the Maison and Mosaic Hotels, which it purchased in March. The latest deal brings the group’s total holdings in Beverly Hills’ Golden Triangle to three prime properties.
The office building is currently owned by The Gores Group, a global investment firm based in Beverly Hills. Its founder, Alec Gores, will be joining the joint venture through a new entity called Golden Triangle plc, which will partially finance the acquisition through a €42 million bond issue on Malta’s capital markets. The bond will carry a 5.3% coupon and mature in five years.
Corinthia CEO and Golden Triangle plc director Simon Naudi said the acquisition reflects the group’s ambitions to grow in key North American markets. “When Corinthia entered into partnership with Action Real Estate last December, we set out a mission to explore investment opportunities for luxury hotels and real estate at prime locations in the Americas and beyond,” he said. “That is precisely what we are doing, and we are delighted to now be partnering with Mr Gores too in our Beverly Hills portfolio.”
The deal was originated and negotiated by Corinthia Real Estate Ventures (C-REV), a specialist IHI-owned development firm, led by managing principals Marcus Pisani and Alex Chazkel. The Maison and Mosaic Hotels are currently being operated by Los Angeles-based hospitality group Palisociety under the oversight of C-REV.
The move follows Corinthia’s recent launch of The Surrey, A Corinthia Hotel in New York — the group’s first property in North America — featuring 100 luxury rooms and suites, along with 14 private residences on Manhattan’s Upper East Side.
The Beverly Hills acquisitions represent the next strategic step in Corinthia’s plan to introduce its luxury hotel brand in the heart of one of America’s most exclusive destinations.
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