Issue link: https://maltatoday.uberflip.com/i/1533434
8 maltatoday | WEDNESDAY • 19 MARCH 2025 NEWS CORINTHIA Group, trading as IHI plc, announces that its re- cently formed partnership with Action Real Estate Company of Kuwait has acquired two bou- tique hotel properties totalling 100 keys in a prime location in Beverly Hills, California. The acquisition of the neigh- bouring Maison and Mosaic Hotels by the Action Corinthia joint venture, in which IHI plc owns a minority stake, is part of a broader strategy for the Bev- erly Hills market. Simon Naudi, Corinthia Group CEO, said: "This is an important step forward for Corinthia. Beverly Hills is one of the world's foremost hospi- tality destinations and we are determined to add value and create luxury products and ser- vices to the benefit of the local community and our Corinthia brand's global positioning." Action Real Estate Compa- ny Chairman Sheikh Mubarak A. M. Al Sabah said: "We are thrilled to announce our en- try into the prestigious Beverly Hills market, marking a signif- icant milestone in our strategic partnership with Corinthia. As a company with a strong track record in global real estate and hospitality investments, this transaction represents an ex- citing new chapter for us. With decades of experience in mar- kets around the world, includ- ing Europe, the Middle East, and Asia Pacific, we are now ex- panding into the United States, which remains a key market for future growth and innovation." The hotels will be operat- ed in the immediate term by a specialist Los Angeles opera- tor Palisociety under current branding arrangements, under the supervision of Corinthia's development arm Corinthia Re- al Estate Ventures (C-REV) and its Managing Partners Marcus Pisani and Alex Chazkel. C-REV will also handle asset management and explore op- portunities for future value cre- ation. Corinthia Group operates globally and includes invest- ment, development and operat- ing arms, principally focused on high end real estate projects and operations. The Group announced last December that it had entered into a partnership with Ku- waiti-based conglomerate Ac- tion Real Estate Company to ex- plore investment opportunities for luxury hotels and real estate at prime locations in the Amer- icas and beyond. More recently, Corinthia marked its entrance into North America as a hotel operator with the opening of The Surrey, A Corinthia Hotel in New York, which has been transformed into a signature property – featuring 100 guestrooms and suites and 14 private residenc- es – bringing a new design and luxury experience to one of the most coveted addresses on the Upper East Side of Manhattan. In other developments, the Group also recently completed the redevelopment of Brussels' historic Grand Hotel Astoria following an extensive €150 million rebuild and restoration of the landmark property, and, last week, announced plans to operate a landmark 102-storey hotel and residential project under development in the heart of Dubai. The Mosaic Hotel (above) and the Maison (left) in Beverly Hills, California Corinthia acquires two boutique hotels in Beverly Hills FinanceMalta contributes to discussions on Europe's competitiveness at EIB Forum and WCLN meetings FINANCEMALTA recently par- ticipated in the European Invest- ment Bank Group (EIB) Forum in Luxembourg. The key gath- ering of policymakers, industry leaders, and financial experts fo- cused on strengthening Europe's economic resilience and com- petitiveness and explored regu- latory simplification, access to risk-bearing capital, and sustain- able finance as essential drivers of Europe's long-term growth. Representing FinanceMal- ta, Chief Strategy Officer Dr Bernice Buttigieg engaged in high-level discussions on how European industries are adapt- ing to global competition and shifting market dynamics. The Forum highlighted the importance of preventing eco- nomic fragmentation, strength- ening the single market, and fostering collaboration between industries and startups. Renault Group CEO Luca de Meo and Ann Mettler of Breakthrough Energy were among the keynote speakers who emphasised the urgency of aligning industrial policies with long-term finan- cial strategies. Buttigieg also participated in the Women Climate Leaders Network Strategic Discussion and Planning Meeting that fo- cused on sustainable finance, innovation, and the decarboni- sation of Europe's economy. Key discussions revolved around the European Central Bank's (ECB) framework on integrating climate and repu- tational risks into long-term financial strategies, as well as the need to harmonise Europe- an pension markets. The meet- ing also highlighted the role of SMEs in the green transition, emphasising the necessity of tailored financial instruments and regulatory enhancements to support sustainable innova- tion. Reflecting on these engage- ments, Buttigieg said: "Europe is at a crucial juncture where competitiveness and sustain- ability must go hand in hand. Industry leaders, policymakers, and financial institutions must collaborate to bridge the gap between innovation and large- scale implementation. In all this, a stronger Europe is cru- cial." Buttigieg added "FinanceMal- ta's role in these events reaf- firms our commitment to con- tinue shaping Malta's financial ecosystem within the broader European framework, ensuring that key economic and finan- cial challenges are addressed through innovation, policy alignment, and sustainable in- vestment strategies." Bernice Buttigieg