Porat Hotel Management, owned by Amit Porat, which holds the Olive Hotels chain, has purchased the Madison Hotel in Nahariya in a deal estimated at NIS 17 million.
The Madison Hotel will be part of the Rimonim Hotels chain brand. Olive Hotels bought the rights to use the Rimonim brand in last May for NIS 1 million. The hotels in the Rimonim chain, which were owned by Israel Land Development, were sold to the Dan Hotel chain.
The Madison Hotel, which has 90 rooms on seven floors, is located close to the beach, next to the municipal sports and recreation center, which is available for use by the hotel's guests.
The hotel will be Porat's fourth hotel in the Western Galilee, after Olive Nahariya, Aqueduct Hotel in Regba, and Dolphin Village in Shavei Zion.
The Olive chain has 14 hotels in Israel, mostly in the north. The chain is scheduled to open two hotels in Tel Aviv next month, in addition to two hotels already operated by the company in the city. The chain's first hotel in Jerusalem is currently being renovated, and is scheduled for opening in the coming months.
The Olive chain also opened new hotels in the north in 2019, including Daria Vacation Village on the banks of Lake Kinneret. Amit Porat says, "Within three years, the chain will be one of Israel's three largest hotel chains in both number of rooms and in value."
The Olive chain was founded in 2010 as a rural guest management chain, and expanded its activity in 2016.
Published by Globes, Israel business news - en.globes.co.il - on September 9, 2019
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