Kor Hotel Group and Mubadala Development Company Announce A Partnership

Los Angeles-based Kor Hotel Group and Mubadala Development Company, 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 50 percent of Kor Hotel Group.

The agreement will focus on aggressive global expansion of The Tides and Viceroy brands in key gateway cities and top resort destinations. Kor Hotel Group is Mubadala’s real estate and hospitality division’s 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. Kor will soon unveil its newest hotels and resorts, Viceroy Anguilla and Viceroy Miami.

Mubadala’s real estate and hospitality portfolio includes joint venture partnerships with real estate firms, including U.S.-based real estate development and services company, The John Buck Company, signed in October 2007, and Southeast Asia’s largest real estate company, Singapore-based CapitaLand, signed in June 2007. As part of a consortium of investors, Mubadala also invested in the 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. 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, Colo.; and China Beach in Vietnam’s central Danang province are underway. For more information, visit www.viceroyhotelsandresorts.com or www.thetidesresorts.com.

Mubadala Development Company 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, and its impact is evident domestically and internationally in sectors such as energy, aerospace, real estate, healthcare, technology, infrastructure and services. Mubadala’s sole shareholder is the Government of the Emirate of Abu Dhabi. For more information about Mubadala, visit www.mubadala.ae.

By Karen Loftus