Investcorp buys in California

Investcorp, the Bahrain-based investment firm, continued its buying spree in US commercial property this week with the $40 million (Dh146 mn) acquisition of a hotel

in a suburb of Los Angeles, California.

The firm, which plans to renovate the 176-room Residence Inn in Manhattan Beach, already has renegotiated the franchise agreement with Marriott, owner of the Residence Inn brand, Investcorp said in a release.

"The transaction reflects Investcorp's focus on assets that have strong fundamentals, such as a good location, stable operations and favorable outlook," said Mohammed Al-Shroogi, Investcorp's president of Gulf business.

Earlier this year Investcorp, which controls more than $12 billion in assets, spent $120 million to buy shopping centers and hotels in Florida, New Jersey and Texas.

Published: June 20, 2011 04:00 AM