Isrotel Ltd. (TASE: ISRO) is selling its first apartments: 11 apartments at its hotel complex under construction in Jerusalem's German Colony, which is due to be completed in 2016.
"This is the first time in the company's history that we're selling apartments," Isrotel CEO Lior Yaniv told "Globes". "The apartments, which the buyers will fully own, are completely separate from the hotel building. The residents will have the option of using the hotel's services, including the spa, fitness room, and swimming pool, but they will have a completely separate building, which includes underground parking with direct access to the apartments, allowing privacy."
The luxury apartments will be in two four-floor buildings. The apartments' price will depend on the type of apartment and the level of finishing; the average price will be NIS 70,000 per square meter.
The project is located on a 5,600-square meter lot at the corner of Emek Refaim Street and Bethlehem Road, just past the Ottoman Railway Station, and opposite Liberty Bell Park. Isrotel bought the land from Shaare Ha'emek Jerusalem for NIS 127.7 million in 2011. The site's Urban Building Plan allows for the construction of a 200-room hotel and 2,200 square meters of residential space in two landmark 19th century Templars buildings. The project was designed by Feigin Architects. The hotel will be Isrotel's 18 hotel, following the inauguration of the Tel Aviv Royal Beach Hotel.
Published by Globes [online], Israel business news - www.globes-online.com - on May 11, 2014
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