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Mubadala Development Company, an Affiliate of the the Government
of the Emirate of Abu Dhabi, Acquires 50% of Kor Hotel Group
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Expect to Grow the Viceroy and Tides Brands Internationally



LOS ANGELES & ABU DHABI, United Arab Emirates - September 22, 2008 - Los Angeles, California-based Kor Hotel Group and Mubadala Development Company (Mubadala), a business development and investment company headquartered in Abu Dhabi, United Arab Emirates, announce the formation of a strategic partnership through Mubadala’s acquisition of fifty-percent of Kor Hotel Group. 
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The agreement will focus on aggressive global expansion of The Tides and Viceroy brands in key gateway cities and top resort destinations. 

“Kor’s Viceroy and Tides brands have a reputation for fine luxury, avant-garde design, and intuitive service which align perfectly with our vision. This partnership signifies a new chapter in an exciting story for Viceroy and Tides—we believe they are poised for tremendous growth globally,” commented Waleed Al Mokarrab Al Muhairi, Chief Operating Officer of Mubadala. “This contributes to Mubadala’s Real Estate & Hospitality strategy that is supporting the economic diversification efforts that are underway in Abu Dhabi,” he concluded. 

Kor Hotel Group becomes an important addition to Mubadala’s Real Estate & Hospitality portfolio as its first investment in the hospitality sector. Kor will increase its presence in the Middle East, North Africa and Asia under the partnership, with premier business and resort developments planned to open in Abu Dhabi by 2012. Already a rising presence in several sought-after locations, Kor will soon expand its distinct collection with the unveiling of its newest hotels and resorts, Viceroy Anguilla and Viceroy Miami. 

“We share Mubadala’s commitment and long-term vision for growth and we are delighted to take the next step in a very bright future for our hotel and resort business,” said Brad Korzen, Chief Executive Officer of Kor Hotel Group. “Mubadala’s relationships with world-class developers and international capital partners, coupled with Kor’s expertise in hotel development, design and management, will facilitate our expansion efforts. We could not have asked for a stronger partner.” 

Mubadala’s Real Estate & Hospitality portfolio includes joint venture partnerships with prominent real estate firms, including US-based real estate development and services company, The John Buck Company, signed in October 2007, and with Southeast Asia’s largest real estate company, Singapore-based CapitaLand, signed in June 2007. As part of a select consortium of investors, Mubadala also invested in the leading private real estate development firm Related Companies in December 2007. The investment in Kor Hotel Group supports its plans to build and operate upscale luxury hotels, resorts, and branded residences. 

About Kor Hotel Group 

Kor Realty Group, LLC is a privately held real estate development and management firm with investments primarily in hotels, resorts and multi-family real estate. Kor Hotel Group manages its own assets and non-owned hotels under third-party agreements, and operates two proprietary brands: Viceroy with properties in Santa Monica and Palm Springs, and The Tides with locations in South Beach, Riviera Maya and Zihuatanejo, Mexico. Kor’s Urban Retreat Collection includes Avalon Hotel and Maison 140 in Beverly Hills, Delfina in Santa Monica, Chamberlain in West Hollywood and Loden in Vancouver. Viceroy and Tides projects in New York, Miami, Anguilla, Mexico, Snowmass, Colorado and China Beach in Vietnam’s central Danang province are forthcoming. 

About Mubadala Development Company 

Mubadala Development Company (Mubadala) is a Public Joint Stock Company headquartered in Abu Dhabi, capital of the United Arab Emirates. Its focus is on developing and managing an extensive and economically diverse portfolio of commercial initiatives. It does this either independently or in partnership with leading international organizations. Mubadala’s commercial strategy is fundamentally built on long term capital intensive investments that deliver strong financial returns. 

The company manages a multi-billion dollar portfolio of local, regional, and international investments, projects and initiatives. Through its investment and development projects, Mubadala is both a catalyst for, and a reflection of, the drive for economic diversification of the Emirate of Abu Dhabi. Its impact is evident domestically and internationally in sectors such as energy, aerospace, real estate, healthcare, technology, infrastructure, and services. 

Key investments in 2007 include:

  • bought an 8.1 percent stake in computer chip maker AMD for USD 622 million.
  • invested USD 1.35 billion for 7.5 percent stake in private equity giant Carlyle Group; 
  • committed USD 500 million to a Carlyle investment fund.
Mubadala’s sole shareholder is the Government of the Emirate of Abu Dhabi. For more information about Mubadala, its partnerships and activities please visit www.mubadala.ae. 

About Viceroy 
Viceroy hotels, resorts and residences exemplify a passion for authentic, world-class, visionary design and intuitive service. From skyscraping cities to pacesetting playgrounds, every Viceroy destination re-imagines the essence of style and service and inspires discriminating guests and residents to indulge in glamour, reinterpret cultural traditions and redefine their notions of luxe living. Current Viceroy properties include Viceroy Santa Monica and Viceroy Palm Springs. Under development are Viceroy Miami, Viceroy New York at Hudson Square, Viceroy Mayakoba in the Riviera Maya on Mexico’s Caribbean coast, Viceroy Zihuatanejo, Viceroy Snowmass in Colorado, Viceroy China Beach in Vietnam’s central Danang province, as well as Kor’s initial overseas venture, Viceroy Anguilla in the British West Indies. The official site for Viceroy is viceroyhotelsandresorts.com. 

About The Tides 
All Tides hotels and resorts are set in coastal locations and provide a chic-by-the-shore setting, inviting guests to unwind. The Tides offers a backdrop for encounters that inspire reconnection through cultural experiences delivered with style and spirit. Kor Hotel Management reserves The Tides identity for select projects of only the highest service and design standards. The Tides collection includes The Tides South Beach in Florida, The Tides Riviera Maya on Mexico’s Yucatán Peninsula and The Tides Zihuatanejo on Mexico’s Pacific Coast. Forthcoming developments include The Tides Playa del Carmen on the Riviera Maya, The Tides Anguilla in the British West Indies and The Tides Sugar Beach on the Caribbean island of St. Lucia. The official site for The Tides is thetidesresorts.com. 

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Contact:

Kor Hotel Group
Daniel Guerrero, 323-930-3832
daniel.guerrero@korhotelgroup.com

Mubadala Development Company
Mohammed Amasha
+97150 616 8517
mamasha@mubadala.ae
www.mubadala.ae

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Also See: MGM Mirage Planning a $3 billion Nongambling Resort and Entertainment Complex on Abu Dhabi Island in the Persian Gulf / November 2007
Developers Select Kor Hotel Group to Operate a 168 room Viceroy Hotel to be Built Atop Office/Retail Complex in New York City's Hudson Square Neighborhood / April 2008
Kor Hotel Group Expands ''The Tides'' Brand Internationally; Brand Grows from Original Tides Hotel in South Beach, Florida / April 2007
Greg Ashley Named President and Partner of New Kor Group Real Estate Company; Intrawest Veteran Will Lead Sales and Marketing Efforts for Kor's Residential, Resort and Hotel Development / November 2006
Kor Hotel Group Acquires the Villa del Sol Resort Located just Outside Ixtapa, Mexico / March 2007
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