Sheraton has acquired 50% of the shares of Koor Hotels and Resorts; the new company will manage the Paradise and Herod’s hotels.
ITT Sheraton International and the Koor concern today signed the deal whereby Sheraton International will hold 50% ownership of Koor Hotels and Resorts, which will henceforth be known as Sheraton Israel.
Only the four hotels of Koor’s Paradise chain, in Jerusalem and Tiberias and Eilat (two hotels), are covered by the transaction and will be managed under the Four Points brand-name. The new company will also manage the Herod’s hotel presently under construction in Eilat.
The transaction does not include the Tel-Aviv and Jerusalem Sheraton hotels, since their owners refused to modify their long-term management agreement with Sheraton International.