Fattal Hotel Management's new plan will give the building six floors and partial rooftop floor.
The Ministry of Interior has approved a plan by Fattal Hotel Management Ltd. to convert part of the Leonardo Basel Hotel on Hayarkon Street in Tel Aviv to residences. The 4,900-square meter five-storey building has 135 rooms, three banquet halls, two conference rooms, a business lobby, and a swimming pool.
Fattal Hotel, owned by David Fattal, has two alternatives for the property. It can either redevelop the hotel to have 120 rooms, accounting for 60% of the total space, and several apartments, at 400% building rights; or to redevelop the property to have 200 rooms, with no apartments, at 450% building rights, giving it 7,110 square meters of space. Both plans will give the building six floors and a partial rooftop floor.
The company purchased the hotel in an auction in 2007.
Published by Globes [online], Israel business news - www.globes-online.com - on August 31, 2010
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