Abu Dhabi investment arm buys half of Kor Hotel

CAIRO, Egypt (AP) -- Mubadala, one of Abu Dhabi's most active state investment vehicles, says it has bought 50 percent of Los Angeles hotel operator Kor Hotel Group.

Mubadala has acquired stakes in a wide range of companies in recent years, including car maker Ferrari and private equity firm Carlyle Group. It says the Kor deal is its first direct investment in the hospitality industry.

Financial terms were not disclosed.

Mubadala's chief operating officer says the acquisition will boost Kor's presence in the Middle East, North Africa and Asia, including in Abu Dhabi, the capital of the United Arab Emirates.

Kor was founded in 1999. It is privately held and is operating or developing 19 hotels and resorts in the U.S., Mexico, Canada, the Caribbean and Asia.

(Copyright 2008 by The Associated Press. All Rights Reserved.)

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