trending Market Intelligence /marketintelligence/en/news-insights/trending/nB2dgq6YHKW7wwfKfgIseg2 content
Log in to other products

Login to Market Intelligence Platform

 /


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

If your company has a current subscription with S&P Global Market Intelligence, you can register as a new user for access to the platform(s) covered by your license at Market Intelligence platform or S&P Capital IQ.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *
  • We generated a verification code for you

  • Enter verification Code here*

* Required

In This List

Azrieli pays 275M Israeli shekels for hotel in Jerusalem

Gauging Supply Chain Risk In Volatile Times

The Commercial Real Estate CRE Sector Feels the Impact of the Coronavirus

Credit Analytics Case Study Poundworld Retail Ltd

Segment

IFRS 9 Impairment How It Impacts Your Corporation And How We Can Help


Azrieli pays 275M Israeli shekels for hotel in Jerusalem

Azrieli Group bought the Mount Zion Hotel in Jerusalem for 275 million Israeli shekels as part of its expansion into Israel's hospitality segment.

The 137-room hotel on Hebron Road is built on 13,000 square meters of land with an aggregate built-up area of 11,600 square meters.

The Israeli real estate operator will pay 500 million to 600 million shekels for the hotel's renovation and expansion. It has an approved zoning plan for the property, which features the addition of 22,400 square meters of above-ground area and around 380 underground parking spaces. The plan also allows the company to increase the number of the hotel's rooms to 400.

Azrieli, which intends to continue operating the hotel, will use its own resources and/or bank or institutional financing to fund the transaction.

The deal is subject to the approval of the competition commissioner.

The company is also looking to build two additional new hotels as part of the expansion plan, consisting of an 84-room hotel in the city of Modi'in and a 250-room hotel. The second project is part of the extension of the Azrieli Center in Tel Aviv, which is slated to be completed in 2025.

Azrieli tapped hospitality industry veteran Eli Maor to manage the group's hotel operations. Maor worked at the Sheraton Hotel Eilat under the international Starwood chain, the Alrov Properties' Mamilla Hotel in Jerusalem and Marriott International's The Jaffa Hotel in Tel Aviv.

As of Dec. 9, US$1 was equivalent to 3.47 Israeli shekels.