Schreier and Delek are cooperating in a bid for the purchase of control in Discount Bank.
The Delek group, controlled by Yitzhak Tshuva, is negotiating to purchase the Sharon Hotel in Herzliya for $35 million. The hotel is owned by Bernard Schreier, who is bidding with the Delek group for control in Discount Bank.
The negotiations are being conducted by Tshuva and Schreier. Sources close to the matter said that it was an outcome of the cooperation that began with the bidding for control of Discount Bank.
The Delek group plans to purchase the hotel through Delek Real Estate, its new subsidiary which deals in real estate development.
The 220-room Sharon Hotel is one of Israel’s longest standing hotels. An approved town planning building scheme exists for construction of up to 20,000 sq.m. adjacent to the hotel.
The Delek group currently has no hotel under its ownership.
Published by Israel's Business Arena February 28, 1999