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.)
To comment, the following rules must be followed:
Comments may be monitored for inappropriate content, but the station is under no legal obligation to do so.
If you believe a comment violates the above rules, please use the Flagging Tool to alert a Moderator.
Flagging does not guarantee removal.
Multiple violations may result in account suspension.
Decisions to suspend or unsuspend accounts are made by Station Moderators.
Links require admin approval before posting.
Questions may be sent to email@example.com. Please provide detailed information.