News Summary
Beverly Hills has witnessed a significant shift in its hospitality landscape with the acquisition of two boutique hotels by Corinthia Group and Action Real Estate. The properties, Maison 140 and Mosaic Hotel, offer unique experiences and luxury accommodations. With management transitioning to Palisociety, these hotels aim to elevate their offerings as both companies expand into the U.S. market. This venture is particularly pivotal for Action Real Estate as it marks its debut in America, while Corinthia Group continues to reinforce its footprint in the global hospitality sector. Exciting developments await travelers in Beverly Hills!
Exciting News for Beverly Hills: Boutique Hotels Change Ownership!
Beverly Hills, known for its glamour and luxurious lifestyle, has just welcomed a new chapter in its hospitality scene. A remarkable joint venture from the Middle East has swooped in to acquire two delightful boutique hotels in this iconic location. The buyers—Malta-based Corinthia Group and Kuwait-based Action Real Estate—are making big moves and shaking things up in the U.S. market.
What Hotels Are Involved?
First up on the list is the charming Maison 140, a cozy hotel boasting 44 rooms tucked away at 140 South Lasky Drive. This stunning spot, built back in 1939, originally served as a home for none other than silent film star Lillian Gish. It’s a blend of luxury with French and Far East inspiration, making it a unique retreat.
The second gem in this acquisition is the Mosaic Hotel, featuring a slightly larger setup with 49 rooms over at 125 South Spalding Drive. Built in 1959, this hotel is currently part of the Preferred Hotel & Resorts independent hotel chain, known for its impeccable standards and luxurious settings.
What’s fascinating is that these two hotels are just a block apart—making it easy for travelers to explore both. But who sold these beautiful properties? Well, it turns out that’s still a mystery, as details about the seller or sellers remain undisclosed.
Management and Renovation Insights
As the management of these charming hotels transitions, Downtown Los Angeles-based Palisociety will take the reins, ensuring that the signature style and standards are upheld under the watchful eye of Corinthia’s development arm. This is a strategic move as both companies expand their horizons into the Americas.
It’s noteworthy that the Mosaic Hotel transaction was reportedly valued at around $17.6 million, an approximate of $359,000 per room. Meanwhile, Maison 140, which was previously sold at $13.25 million in July 2012, saw renovations completed in 2011. The Mosaic Hotel, on the other hand, underwent renovations in 2015, keeping it modern and appealing for guests.
Aiming for Greater Heights
For Action Real Estate, this acquisition is especially significant as it marks the company’s first venture into the U.S. market. With properties spanning across 12 countries—including key locations in Europe, the Middle East, and Australia—the firm is now setting its sights on luxury developments in prime locations throughout the Americas.
The Corinthia Group isn’t new to the hotel business, either. A unit of International Hotel Investments, this group manages an impressive portfolio of 25 hotels worldwide. Their endeavors in the U.S. have recently included the opening of The Surrey in New York City, which served as another milestone in its North American journey. They also invested around $162 million to renovate the historic Grand Hotel Astoria in Brussels, demonstrating their commitment to quality and luxury in hospitality.
What Lies Ahead?
With the acquisition of these two boutique hotels, Corinthia Group and Action Real Estate are paving the way for exciting new offerings in Beverly Hills. As they embark on this journey, locals and travelers alike can look forward to enhanced experiences in these charming hotels that celebrate the spirit of Beverly Hills.
Stay tuned, as big things are coming to this glamorous city, and the vibrant hospitality scene is set to shine even brighter!
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