Sheraton Moriah exercised its first right of refusal on the sale of the hotel to Gilbert Louzon. Negotiations are in progress for the acquisition of the hotel in Jerusalem.
The Sheraton Moriah hotel chain will acquire the Sheraton Plaza hotel in Tiberias from Israel corporation for $19 million. Sheraton Moriah exercised its first right of refusal on the sale of the hotel.
A week ago, Israel Corporation signed an agreement for the sale of the hotel to businessman Gilbert Louzon for the same amount. Sheraton-Moriah, which manages the hotel, held a first right of refusal within 21 days. A sale agreement was signed between Sheraton Moriah and Israel Corporation.
Israel Corporation also wishes to dispose of its 50% holding in Jerusalem's Sheraton Plaza.
The Sheraton Moriah chain is owned by Koor (55%), Starwood, owner of the Sheraton International chain (25%) and Bank Hapoalim (20%).
Published by Israel's Business Arena December 26, 1999