Hachshara Insurance acquires 20% stake in Brown Hotels
Poli House Tel Aviv Photo: Brown Group
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Hachshara will enter as a partner in return for a loan that will grant Brown NIS 60 million at a company value of NIS 300 million.
Hachshara insurance company has acquired a 20% of the Brown Hotels boutique chain, which operates in Israel and abroad. Hachshara will enter as a partner in return for a loan that will grant Brown NIS 60 million at a company value of NIS 300 million.
In the first stage, Hachshara will lend Brown NIS 50 million in a loan that is converted into shares, and subject to meeting the milestones of the loan, it will be able to loan another NIS 10 million, which will be converted into company shares.
The Hachshara Insurance company is controlled by Eli Elazra and managed by Shimon Meron. The Brown chain was established in 2010 and is owned by Nir Weizman and Leon Avigad, as well as Reuven Elkes, who previously served as CEO of the Fattal Hotels chain and currently manages the chain. Brown has a portfolio of 10 boutique hotels operating in Israel and abroad including four in Tel Aviv, two in Jerusalem and one in Croatia.
Published by Globes [online], Israel business news - www.globes-online.com - on June 11, 2018
© Copyright of Globes Publisher Itonut (1983) Ltd. 2018
Poli House Tel Aviv Photo: Brown Group