Sources inform ''Globes'' that Central European Estates NV (CEE) (TASE:CNERO.B1), owned by Yuli Ofer and chairman Nimrod Rinot, has begun building a spa in the Hungarian resort town of Marcali, at an estimated investment of €14 million.
The spa is being built by Inventech Investment Company Ltd. (TASE: IVTC-M), 74% of which CEE acquired from Lapidoth Israel Oil Prospectors Corporation Ltd. (TASE: LAPD) for NIS 108 million last month. Inventech's core business is the construction of hotels in Central and Eastern Europe. It properties include the Meridien Hotel in Budapest and is building the boutique W Hotel in the city.
Marcali is 190 kilometers southwest of Budapest, surrounded by lake-filled lowlands at the foot of forested 300-meter high hills. CEE's spa is on the shore of Lake Balaton, famed for the quality of its waters.
The four star 150-room spa is located on a 11.25-acre lot. The Grand Prix Hungary racetrack is under construction nearby, at an investment of €57 million by the Hungarian government and Spain's Dorna Sports SL, the commercial franchisee of motorcycle world championship MotoGP.
Published by Globes [online], Israel business news - www.globes-online.com - on November 15, 2009
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