The Mivtahim board of directors decided several days ago not to sell, at this stage, the three Radisson Moriah chain hotels it owns. This is against the backdrop of the low ebb in the hotel market, which apparently prevents a worthy price being obtained for the hotels.
Mivtahim managing director Ben Ami Amiran confirmed to "Globes" that this was the decision taken. Mivtahim owns hotels in Zichron Yaakov, Nazareth and the Dead Sea.
Amiran said that at some stage there was a plan to sell the hotels, but the market situation made it uneconomic. "The Mivtahim board of directors has a special attitude to the hotels," he said, "since they have known them for decades, since the days when they were Histadrut rest and recreation homes."
Mivtahim also has other connections with Radisson Moriah. It is a shareholder in the Amot and Gmul companies, which hold 25% each of the management chain in Israel. According to Amiran, there is no link between this ownership and the decision not to sell the hotels directly owned by Mivtachim.
At the moment a process is underway whereby the whole Radisson Moriah chain is to be sold. Amiran said that there is no doubt that the potential buyers of the chain are taking into account that Mivtahim’s three hotels will not be included in the deal.
Published by Israel's Business Arena July 30, 1998.