Half the rooms and suites of the Eilat hotel will be sold at a starting price of $180,000.
The Hilton hotel chain will manage the Queen of Sheba hotel in Eilat, which is to open at the end of 1998. Investment in the hotel is estimated at $100 million. The hotel is owned by Elad Hotels, which is jointly owned by Yitzhak Tshuva and Or-Yam Construction and Development, owned by Arison Investments and Secom from the Shikun Ovdim Group.
The management agreement was signed today at the Tel Aviv Hilton in the presence of representatives of Hilton’s international operations as well as the hotel chain’s Israeli and Middle East operations’ heads and the owners of Elad Hotels and Or-Yam.
The hotel is situated on Eilat's northern shore and will include 450 rooms and suites, a 600 sq.m. convention hall, a 5500 sq.m. commercial center, a health club and swimming pool. Half the rooms and suites will be sold at a starting price of $180,000.