Alrov pays Hilton $20m to settle David Citadel Hotel dispute

Alrov claimed that Hilton did not manage the David Citadel Hotel in Jerusalem at the required standard.

Tel Aviv District Court Judge Michal Agmon today accepted the arbitration ruling settling the dispute between Alrov Properties and Lodgings Ltd. (TASE: ALRPR), controlled by chairman Alfred Akirov, and Hilton Hotels Corporation. Alrov will pay Hilton $20 million.

Alrov claimed that Hilton did not manage the David Citadel Hotel in Jerusalem at the required standard. The parties went to arbitration with Adv. Dr. Israel Leshem. The case lasted seven years.

Alrov Properties' share price fell 0.6% by mid-afternoon to NIS 65.57, giving a market cap of NIS 1.5 billion.

Published by Globes [online], Israel business news - www.globes-online.com - on July 19, 2011

© Copyright of Globes Publisher Itonut (1983) Ltd. 2011

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