Tel Aviv District Court Judge Danya Kereth-Meyer also rejected a petition to delay the sale of the Hahof Hashaket hotel in Tiberias.
Jerusalem's Rimonim hotel was sold to a foreign investor for $15.1 million in an action held in the chambers of Tel Aviv District Court Judge Danya Kereth-Meyer. The hotel is located on Jaffa Street, near the Central Bus Station and the ICC Jerusalem International Convention Center (Binyanei Ha'ooma).
Isrotel (TASE:ISRO) withdrew from the auction at $15 million.
The hotel's owner, Avi Ben-Giat filed an urgent petition to delay the sale. He claimed that he and his family had invested $32 million in building the hotel, and that serious flaws occurred in the tender, which harmed their rights. Kereth-Meyer rejected the petition.
In a separate ruling, Kereth-Meyer rejected a petition by Ohana Tourism and Industry Holding company to delay the sale of the "Hahof Hashaket" hotel in Tiberias. The 274-room hotel is located on the shore of the Kinneret. The judge ruled that delaying the sale would lower the value of the hotel, which had not been operating in full for years.
Published by Globes [online], Israel business news - www.globes.co.il - on December 19, 2004