The Rimonim hotel chain plans to enlarge the 1,300-sq.m. shopping center by 200 sq.m. in 2006.
The Rimonim hotel chain, a subsidiary of Israel Land Development Company (Nasdaq: ILDCY; TASE: ILDC), has invested NIS 9 million in building a 1,300-sq.m. shopping center on the grounds of the Rimonim Neptune Hotel in Eilat.
The Rimonim chain is leasing the stores in the new shopping center at an average of $50 per sq.m. The major Israeli fashion chains have rented most of the space. The chain expects to earn a NIS 3.6 million profit in three and a half years.
The Rimonim chain plans to enlarge the shopping center by 200 sq.m. in 2006. It is believed that the new space will provide an additional NIS 1 million in annual revenue.
Published by Globes [online] - www.globes.co.il - on April 19, 2005