The five-star beachfront hotel will have 180 holiday units when completed in June 2011.
Capital Group Ltd., a buyers group owned by Dan Herzog and his son, Alon Herzog, has been chosen by the Ramada Worldwide Inc. hotel chain to market its new beachfront five-star holiday apartments project under construction in Netanya. The hotel, located on Ben-Ami Boulevard at the southern end of the promenade will have 180 holiday units when completed in June 2011.
By definition, holiday apartments are intended as residences for their owners for up to three months a year. The apartments are leased out for nine months of the year. The Ramada project is a five-star residential hotel. This is the first time that an Israeli buyers group is marketing a project of this kind.
Ramada will manage the hotel, including regular maintenance, leasing the apartments, and absorbing the maintenance costs and taxes. R.A. Malka Assets Ltd., Kh. I.A. Properties Ltd., and Nirad Assets Ltd. own the property. The hotel will have two and three-room residential apartments. The starting price for a 45-square meter two-room apartment with a 12-square meter balcony is NIS 1.1 million.
Published by Globes [online], Israel business news - www.globes-online.com - on December 12, 2010
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