The Eldan group is considering a public share issue at the end of this year.
Eldan Car Rental, which operates a fleet of 4,500 cars, and is considered Israel’s largest car rental company, will enter the hotel field. Eldan has established a subsidiary, Eldan Hotels and Resorts.
Sources at Eldan told "Globes" the company has rented the 64-room Menorah Hotel, located in central Jerusalem, on a long-term lease. It was also reported that in the coming months, and in early 1998, Eldan intends to invest $1.5 million in refurbishing the hotel, raising it to three-star level.
Eldan also said it was considering a public share issue of the entire Eldan group, towards the end of this year, depending on the capital market’s state. The flotation would include a car rental company, transport and road service companies, auto rentals abroad and hotels.