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January 4, 2011

Elbit Imaging to Sell Stake in Three London Hotels

Elbit Imaging has signed an agreement to sell stakes in three London hotels to Park Plaza for £230m ($358.8m). The transaction includes a 45% interest in the Park Plaza Riverbank Hotel, a 50% interest in the Park Plaza Victoria Hotel and a 45% interest in the Park Plaza Sher

By cms admin

Elbit Imaging has signed an agreement to sell stakes in three London hotels to Park Plaza for £230m ($358.8m).

The transaction includes a 45% interest in the Park Plaza Riverbank Hotel, a 50% interest in the Park Plaza Victoria Hotel and a 45% interest in the Park Plaza Sherlock Holmes Hotel.

The hotels were jointly owned by Israel-based Elbit and UK-based Park Plaza, and are managed by Park Plaza.

Following the transaction, Park Plaza will own a 100% stake in Park Plaza Sherlock Holmes Hotel.

Park Plaza Hotels operates four-star boutique hotels, while Park Plaza Sherlock Holmes is a deluxe hotel.

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