News for the Hospitality Executive
Mubadala Development Company, an Affiliate of the the
of the Emirate of Abu Dhabi, Acquires 50% of Kor Hotel Group
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.
“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:
About The Tides
Kor Hotel Group
|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|