Kor Hotel Group JVs With Abu Dhabi Firm

Brad Korzen, chief executive officer of the Kor Hotel Group, says that in joint-venturing with Mubadala the locally based development and investment firm will combine its own expertise in hotel development, design and management with Mubadala's relationships with world-class developers and international capital partners. Kor has developed its Viceroy and Tides brands as luxury, avant-garde hotels and resorts that include properties either built, under way or planned in locales including Santa Monica, CA; New York City, Palm Springs, CA and a variety of other US and international locations. Kor will soon unveiling its newest hotels and resorts, the Viceroy Anguilla and Viceroy Miami.

Kor will increase its presence in the Middle East, North Africa and Asia under the partnership, with business and resort developments planned to open in Abu Dhabi by 2012.Waleed Al Mokarrab Al Muhairi, chief operating officer of Mubadala, commented in announcing the deal with Kor that he believes the Viceroy and Tides brands are "poised for tremendous growth globally." Partnering with Kor is part of a Mubadala real estate and hospitality strategy that is "supporting the economic diversification efforts that are under way in Abu Dhabi," the Mubadala COO added.

Mubadala's real estate and hospitality portfolio includes joint venture partnerships with prominent real estate firms, including US-based real estate development and services company, the John Buck Co. signed in October 2007, and with Southeast Asia's largest real estate company, Singapore-based CapitaLand, signed in June 2007. Mubadala also invested in the Related Cos. in December 2007. Financial terms of the deal between Kor and Mubadala were not disclosed.