Isrotel Ltd. (TASE: ISRO), controlled by the Lewis family in the UK, will reopen the Carmel Spa Hotel on January 27. Isrotel is refurbishing the forest retreat, which did not sustain major damage during the Carmel forest fire, as part of a NIS 45 million investment in renovating the chain's 15 hotels in Israel.
Only last week, Isrotel announced that it is acquiring the Ganei Yam hotel by the Dead Sea from the Amitim pension fund for NIS 92 million.
The Isrotel chain also signed an agreement two months ago with Electra Real Estate Ltd. (TASE:ELCRE) and Oranim Projects Ltd. to rent the Sea One project on Tel Aviv seafront.
The latest NIS 45 million investment will include renovating the rooms of the King Solomon Hotel in Eilat, rebuilding the pub of the Royal Beach Hotel in Eilat, renovating rooms and suites in the Isrotel Agamim Eilat and Isrotel Dead Sea Hotel.
Isrotel will also invest NIS 2.5 million in new kitchens and a wine bar for the Carmel Spa Hotel.
Isrotel CEO Lior Raviv said, "In accordance with our management philosophy that we must permanently renew our assets and maintain our hotels at the highest and latest standards, we have decided to invest NIS 45 million in various projects in Isrotel's hotels."
Published by Globes, Israel business news - www.globes-online.com - on December 21, 2010
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