Property and Building (TASE: PTBL) will build a hotel and commercial center at the Hadassah Medical Organization Ein Kerem campus at an investment of NIS 45 million. Property and Building subsidiary Ispro - The Israel Properties Rental Corp. Ltd. (TASE: IPRO) is building the hotel, which is due to open by year-end.
Property and Building, a subsidiary of IDB Holding Corp. (TASE: IDBH), is in advanced negotiations with hoteliers to manage the hotel. Ispro says it has received many offers to manage the four-star 100-double room four-storey hotel, located on a six-dunam (1.5-acre) lot. Sources inform “Globes” that Dan Hotels (TASE: DANH), Fattal Hotel Management, and Caesar are among the hotel chains that submitted bids.
Ispro hired A. Arenson Ltd. as the chief contractor for the hotel.
A 4,000-sq.m. commercial center with a 120-space underground parking lot is under construction next to the hotel. Ispro says 80% of the space has been leased in advance at $40-70 per sq.m. per month, plus management fees, which have not yet been determined. Tenants include Super-Pharm, Yerid Hasfarim, Opticana - The First Optistore Ltd., retail chains, cafes and restaurants. Ispro is also negotiating with a bank to open a branch in the commercial center.
Published by Globes [online], Israel business news - www.globes.co.il - on February 6, 2005