Sheraton-Moriah has first refusal rights to purchase the hotel. Negotiations are underway for the sale of the Jerusalem Sheraton-Plaza.
The Israel Corporation is selling two Sheraton-Plaza hotels it owns. The Tiberias hotel was sold yesterday for $19 million to Gilbert Luzon of the US. Luzon owns the King Solomon hotel in Jerusalem (unrelated to the King Solomon hotel in Eilat). The Israel Corporation is also seeking to sell the Jerusalem Sheraton-Plaza.
The two hotels are managed by the Sheraton-Moriah chain, owned by Koor, Sheraton International and Bank Hapoalim. The Sheraton-Moriah has the first right of refusal to purchase the hotel in Tiberias, and has a 21 day extension period in which to notify whether it will purchase the hotel at the option price. Sheraton-Moriah plans to bid also for the hotel in Jerusalem.
The Israel Corporation has a subsidiary named Almog Hotels, which owns several hotels in Eilat.
Published by Israel's Business Arena on December 16, 1999