The newly acquired Maison 140 and Mosaic Hotel in Beverly Hills.
Beverly Hills has witnessed a significant development in its hospitality sector with the Corinthia Group and Action Real Estate Co. joining forces to acquire the Maison 140 and the Mosaic Hotel. This partnership marks Corinthia’s initial entry into the American market, enhancing luxury accommodations in a city known for its upscale lifestyle. With a total of nearly 100 hotel keys, these properties promise exceptional guest experiences managed by local operator Palisociety, reflecting a commitment to luxury and community benefits.
In a thrilling development for the glamorous city of Beverly Hills, the Corinthia Group, hailing from Malta, has teamed up with Kuwait’s Action Real Estate Co. to acquire two stunning boutique hotel properties. The chic new additions to the Beverly Hills scene are the Maison 140 and the Mosaic Hotel, and this exciting partnership marks their very first venture into the American market.
The Maison 140 is a charming hotel with a rich history. Built back in 1939, it originally served as a residential apartment home for the renowned silent film star Lillian Gish. This enchanting establishment boasts 44 tastefully decorated guestrooms that capture the magic and elegance of a bygone era. Meanwhile, the Mosaic Hotel, which has a more contemporary flair, opened its doors in 1959 and features 49 inviting rooms. This gem is part of the prestigious Preferred Hotel & Resorts independent hotel group, ensuring that guests can enjoy an exclusive experience.
The acquisition brings the total number of hotel keys acquired by the partnership to just under 100. Both properties are conveniently located on Lasky Drive and Spaulding Avenue, just a stone’s throw apart, making them an easy choice for travelers seeking a luxurious getaway in Beverly Hills. With local hotel operator Palisociety set to manage these exquisite hotels, Corinthia Group’s development arm, Corinthia Real Estate Ventures (C-REV), will oversee operations, ensuring that the hotels thrive in this upscale market.
Sheikh Mubarak, chairman of Action Real Estate, views this acquisition as a launching pad for exciting growth opportunities in the U.S. hotel landscape. It’s clear that this dynamic duo is ready for business, as they established their partnership in December with the goal of exploring development options for luxury hotels and real estate in prime locations across the Americas and beyond.
The Corinthia Group isn’t new to the hotel game; they currently manage an impressive 25 hotels worldwide. In fact, they just opened their first North American property, The Surrey Hotel, located in the heart of New York City. This luxurious hotel features 100 guestrooms and 14 private residences, developed by none other than the Reuben Brothers. The hospitality group recently completed major renovations at the Grand Hotel Astoria in Brussels and has ambitious plans for a large hotel and residential endeavor in Dubai.
While the exact price for this promising acquisition remains undisclosed, some data indicates that the Mosaic Hotel might have changed hands for approximately $17.6 million, which translates to around $359,000 per room. The Chateau Family Trust sold both hotels, with Maison 140 having previously been sold for $13.25 million in July of 2012. Both hotel properties have undergone renovations as well, with the Maison 140 last revamped in 2011 and Mosaic in 2015.
With a focus on developing luxury products and services that not only provide unforgettable experiences for guests but also benefit the local community, the Corinthia Group is all set to bring a taste of high-end hospitality to Beverly Hills. Their entry into the American market promises to transform the landscape of luxury accommodations, and locals and visitors alike can look forward to the exciting changes that lie ahead.
As Beverly Hills continues to shine as a luxury destination, the arrival of Maison 140 and Mosaic Hotel sets the stage for an exciting new chapter in upscale hospitality. Get ready to experience boutique hotels that are not just places to stay, but places to create memories!
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