The new owners will reportedly seek to rezone the Eshel Hotel’s lot and increase its building rights.
Israel Land Development Company (TASE: ILDC) has sold the seaside Eshel Hotel in Herzliya it owns with private partners to Candan Residences Ltd., controlled by the Azrieli family, for NIS 41 million.
Over the years, the 50-year old 50-room hotel has been known as a place for assignations, renting rooms by the hour. It is not known what the new buyers intend to do with the property. They will reportedly seek to rezone the 4.5-dunam (1.125-acre) lot and increase its building rights, since the present two-storey hotel under-utilizes the lot.
Published by Globes [online], Israel business news - www.globes.co.il - on September 17, 2006
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