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Jerusalem Life

| Israel's hotels prosper amid record tourism

Janglo News    
Friday, 13 December 10:14 AM

Despite repeated complaints by senior hotel industry figures in Israel about high operating costs, difficulties in making a profit, and other problems, the large companies operating hotels in Israel are enjoying growth and potential for continued positive development.

One indication of this is the announcement this week by real estate company Azrieli Group Ltd. (TASE: AZRG) of its entry into the hotel business. Azrieli reported signing a deal to buy the Mount Zion Hotel in Jerusalem from Migdal Insurance and Financial Holdings Ltd. (TASE: MGDL) controlling shareholder Shlomo Eliahu for NIS 322 million (NIS 275 million plus VAT). The hotel generated NIS 34 million in revenue in 2018, and Azrieli plans to invest NIS 500-600 million in expanding and renovating it.

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