Alexander Tessler, owner of the Princess Hotel in Eilat, is interested in building a luxury hotel in Tel Aviv, at a cost of $100 million. Tessler met today (Thursday) with Tourism Ministry director general, David Litvak, and requested his help in locating a suitable site.
Tessler is interested in a site along the Tel Aviv beach front only, and plans to build a five star hotel "Princess 2". It is generally known that there are no available hotel plots in Tel Aviv, either along the beach or further inland.
In Tel Aviv there are several private plots intended for use as hotels, among them a plot on Hayarkon Street, north of the Astor Hotel, owned by Yosef Buchman, and the old Sheraton plot, owned by David Teig, where Teig plans to build a Hyatt hotel.
In recent months not a few plans for hotels in Tel Aviv have been published, in the Tel Aviv port area, Jaffa port area and near the Yarkon river estuary.
The Princess Hotel in Eilat opened its doors in January 1992, following an investment of $ 80 million. It was then regarded as one of the largest hotels in Israel. For quite a long time, the hotel suffered from changes in management and poor occupancy rates, but during the past year, it has considerably stabilized.