The Beit Heshalim hotel is to be offered for sale as part of a receivership arrangement. The property was valued at $7.5 million by an assessor in 2002, and the potential buyer will be required to spend $500,000 on the completion of the work currently in progress. Pricing of the hotel will start at $7 million, and will probably rise higher as the auction continues.
The hotel’s receiver, Adv.Yuval Bracha, said the closing date for submission of offers was July 11.
The Eshelim hotel was built by a company named Kikar Hasharon, which ran into financial difficulty towards the end of the building work on the hotel. According to Bracha, the Eshelim hotel is a reconstruction of the original building on which it was built. He added that it has a glass floor enabling a view of the remains of a 1,200 year old Byzantine church, discovered during the construction of the hotel.
Located near the Jaffa clock tower in area undergoing redevelopment, the five-floor hotel has 38 rooms with balconies overlooking the sea and the old city of Jaffa. The top floor has eight suites with built-in Jacuzzis. The hotel’s receiver is also currently marketing the nearby police building in Jaffa, which is also slated for us as a boutique hotel.
Published by Globes [online], Israel business news - www.globes.co.il - on June 26, 2006
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