Moshe Avisror & Sons will demolish the Neot Midbar Hotel and build 2,300 apartments on the plots.
Beer Sheva contractor Moshe Avisror & Sons has bought in separate deals two compounds zoned for 2,300 apartments for NIS 97 million ($20 million). In one deal, Avisror bought a compound in Kfar Gvirol, zoned for 900 apartments, from a foreign investor for NIS 50 million ($10.4 million).
In the second deal, Avisror bought the financially troubled Neot Midbar Hotel in central Beer Sheva for NIS 47 million ($9.8 million). Avisror already owned 30% of the hotel, while private parties owned the rest. The proceeds will pay off the hotel’s debt to The First International Bank of Israel. Avisror will demolish the hotel and build 1,400 apartments on its and an adjacent site owned by the hotel.
Published by Globes [online] - www.globes.co.il - on December 29, 2002