Israeli real estate company Azrieli Group (TASE: AZRG) has notified the Tel Aviv Stock Exchange that it has acquired the Red Rock hotel in Eilat. Azrieli will pay NIS 130 million for the hotel and the building rights on nine dunams (2.25 acres) of land on which it stands at the western end of the Red Sea resort's North Beach. Azrieli reports that it plans demolishing the hotel and investing NIS 500-600 million in building a new hotel. The company will continue operating the existing hotel until it is demolished. RELATED ARTICLES Azrieli buys Mount Zion Hotel for NIS 275m Founded by the late David Azrieli, the company built Israel's first shopping malls before diversifying into office space and more recently senior citizens homes, data centers and hotels. The Red Rock Hotel will be the second hotel in Azrieli's portfolio after the acquisition of the Mount Zion Hotel in Jerusalem in December 2019 for NIS 275 million. Published by Globes, Israel business news - en.globes.co.il - on April 18, 2023. © Copyright of Globes Publisher Itonut (1983) Ltd., 2023.
