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Jerusalem Life

| Azrieli buys Mount Zion Hotel for NIS 275m

Zev Stub    
Monday, 09 December 2:36 PM

Azrieli Group is acquiring the Mount Zion Hotel in Jerusalem for NIS 275 million. Migdal Insurance controlling shareholder Shlomo Eliahu owns the hotel through his holdings in the City Garden company. Azrieli will invest NIS 500 million more in expanding and renovating the hotel. Other Azrieli Group hotel projects are in the development and construction stages.

Several real estate groups in Israel are buying hotels, converting existing buildings to hotels, or constructing hotels from scratch, sometimes in combination with residential apartments, among them Israel Canada and Nitsba. Azrieli is also in the picture.

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