International Hospitality Investments, the Maltese parent company of Corinthia Hotels, and peer Kuwaiti investor Action Real Estate Company have acquired two boutique hotels in Beverly Hills, California.
No price was disclosed by the two partners for the two hotels, the 44-room Maison 140 Beverly Hills and the 49-room Mosaic Hotel Beverly Hills.
According to CoStar data, the Mosaic in this transaction changed hands for approximately $17.6 million, or approximately $359,000 per room. There is no information about the Maison’s latest transaction, but it was previously sold in July 2012 for $13.25 million.
The Maison was built in 1937 and last renovated in 2011, and the Mosaic was built in 1959 and last renovated in 2015. The properties of the two hotels, at 140 S. Lasky Dr. and 125 S. Spalding Dr., respectively, back on to one another.
The seller of both hotels, according to additional CoStar data, are the Chadha Family Trust.
In December, International Hospitality Investments and Action Real Estate Company founded a partnership to “explore development and investment opportunities for luxury hotels and real estate at prime locations in the Americas and beyond.”
Action Real Estate, the majority owner in the partnership, owns hotels in 12 countries, in Europe, the Middle East and Australia. Its principal offices are in Kuwait, Oman and Australia.
Its portfolio includes a dozen or so Ibis-branded hotels.
The two-hotel deal is Action Real Estate’s entry into the U.S. and the Americas.
“With decades of experience in markets around the world … we are now expanding into the US, which remains a key market for future growth and innovation,” said its chairman Mubarak Abdullah Al-Mubarak Al-Sabah, who is also a member of the House of Sabah, the ruling family of Kuwait.
The partners said Los Angeles-based management firm Palisociety, which manages another 23 U.S. hotels, will operate the hotels “under the supervision of Corinthia’s development arm Corinthia Real Estate Ventures.”
Corinthia itself entered the North Americas market in October when it opened the 100-room The Surrey, A Corinthia Hotel, in New York City’s Upper East Side district.
The Surrey's owner is London-based Reuben Brothers, who paid $150.2 million, or $794,444 per room, in December 2020.
The hotel was duly closed for a renovation.