They had recently announced acquiring Coral Palm Plaza, a shopping center located in Coral Springs, Florida, in their third recent real estate investment in the US with a total value of $120 million.
Investcorp is listed in the Middle East Investors Directory with the code OR30.
More details follows:
Investcorp, the global provider and manager of alternative investment products, today announced that it has acquired Residence Inn Manhattan Beach, a 176-room Marriott hotel in Los Angeles, California.
Residence Inn is the Marriott hotel group's brand of extended stay hotels, a type of lodging that has more home-like amenities and is popular with business travellers on extended assignments or undergoing re-location. Investcorp has agreed a new franchise agreement with Marriott, and will embark on a capital investment plan to renovate and upgrade the property. The total consideration for the acquisition was approximately $40 million including the reserve for this renovation and the purchase has been structured to be Shari'ah compliant.
"We are very pleased to be adding Residence Inn Manhattan Beach to our real estate hospitality portfolio," said Mohammed Al-Shroogi, Investcorp's President of Gulf business. "The transaction reflects Investcorp's focus on assets that have strong fundamentals, such as a good location, stable operations and favorable outlook. The property's location is excellent, in the dense coastal Los Angeles market, minutes away from the beach and with corporate demand drawn from the nearby aerospace and oil industries. Its annual occupancy rates have consistently outperformed the market over the last five years, despite the difficult economic environment."
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