Orchid Hotel Management has bought the seaside hotel, which has 43 suites and 73 rooms, for NIS 78 million.
Orchid Hotel Management Ltd., owned by the Nakash brothers' Jordache Enterprises Inc., bought Herzliya's Oceanus hotel from Azorim Investment, Development and Construction Ltd. (TASE: AZRM) for NIS 78 million. The seaside hotel has 43 suites and 73 rooms. The purchase boosts the chain's hotels in Israel to nine.
In June 2012, Orchid Hotel bought 74% of the Maaleh Hahamisha Hotel for NIS 52 million. Kibbutz Maaleh Hahamisha will keep the remaining 26% of the hotel, located in the Jerusalem hills near Abu Ghosh.
In a separate transaction, Jordache Enterprises and Eli Papouchado's PPHE Hotel Group plc (AIM:PPH) bought two hotels in Berlin, which will be managed under the Park Plaza label.
Published by Globes [online], Israel business news - www.globes-online.com - on June 2, 2013
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