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December 14, 2010

Isrotel Acquires Ganei Hotel

Israeli hotel chain Isrotel has acquired the 196-room Ganei Mivtachim Hotel, which is located at Ein Bokek near the southern basin of the Dead Sea, for ILS73m ($20m). The hotel chain acquired the property from pension fund Mivtachim, which received ILS19m ($5.2m) in cash, giving the c

By cms admin

Israeli hotel chain Isrotel has acquired the 196-room Ganei Mivtachim Hotel, which is located at Ein Bokek near the southern basin of the Dead Sea, for ILS73m ($20m).

The hotel chain acquired the property from pension fund Mivtachim, which received ILS19m ($5.2m) in cash, giving the company a value of ILS92m ($25m).

Isrotel won the hotel in a bidding event held by Amitim , which manages the nationalised pension fund.

Amitim booked the hotel at a value of ILS51m ($14m) and will report a capital gain of ILS 41m ($11m) on the sale.

Isrotel owns 12 hotels in Israel.

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