Mubadala buys 50% stake in US hotel group

by John Irish Tuesday, 23 September 2008

Abu Dhabi investment agency Mubadala Development Co. said on Tuesday it had bought a 50 percent stake in Los Angeles-based Kor Hotel Group to expand the hotelier overseas.

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"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," Mubadala Chief Operating Officer Waleed Al-Muhairi said.
Mubadala's real estate and hospitality portfolio includes joint ventures with US-based real estate development and services company, The John Buck Company and Singapore-based CapitaLand. (Reuters)



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