The Brown Hotel chain is buying a property in the MOMA Tel Aviv residential and commercial project under construction by the Hagag Group on Salame Street in southern Tel Aviv. The sale price is NIS 100 million. Brown plans to construct an urban hotel on the site with 190 rooms, and will invest NIS 50 million on top of the purchase price for the property in converting the existing building into a hotel. As of now, a request for a digging and revetment permit for the project has been submitted.
Brown will offer apartment buyers to manage their apartments as a management company, including short-term leases and maximizing the return on the property.
The project, located between Salame Street, Rabenu Hananel Street, and Harash Street, has two 18-storey buildings and two seven-storey buildings, one of which will be the hotel. The project also contains 225 apartments and commercial and public space, plus an underground parking lot with 300 parking places.
In March 2018, the Tel Aviv municipality approved Hagag Group's plan for rezoning the land from industry to residences and commerce. Hagag promoted the plan after buying the land for NIS 90 million in early 2017.
Brown Hotels said, "The hotel, like the entire project, will be designed by architect Gidi Bar Orian. It will be positions as an urban hotel division with a restaurant, bar and members club, pool, spa, and fitness rooms.
Brown Hotels recently announced the appointment of former Isrotel VP operations Shlomo Tahan as its CEO.
Published by Globes, Israel business news - en.globes.co.il - on April 18, 2019
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