The Corinthia Group, trading as International Hotel Investments plc (IHI), has announced a major expansion in its Beverly Hills portfolio through its joint venture with Kuwait’s Action Real Estate Company. The partnership has secured rights to acquire a third prime property; an office block adjacent to the Maison and Mosaic Hotels, which were purchased earlier this year.

The latest acquisition, formerly owned by global investment firm The Gores Group, represents another strategic step in establishing a luxury hospitality and real estate presence in the heart of Beverly Hills.

In a new development, Alec Gores, founder of The Gores Group, will join the venture through the formation of Golden Triangle plc. The company takes its name from Beverly Hills' iconic commercial district and will co-finance the acquisition via a €42 million bond issue on the local capital markets, offering a 5.3 per cent coupon over five years.

Simon Naudi, CEO of Corinthia Group and director of Golden Triangle plc, said: ‘This move is a continuation of our mission to invest in luxury real estate and hotels in premier locations globally. We are thrilled to welcome Mr Gores into this venture.’

The deal was executed by Corinthia Real Estate Ventures (C-REV), an IHI subsidiary led by Marcus Pisani and Alex Chazkel, who are spearheading the consolidation of these adjacent properties. The Maison and Mosaic Hotels are currently being managed by Palisociety under C-REV’s oversight.

Following its recent North American debut with The Surrey, A Corinthia Hotel in New York, this Beverly Hills expansion further cements Corinthia’s footprint in the US, laying the groundwork for the eventual introduction of its luxury brand to California’s most prestigious neighbourhood.