Africa-Israel, Netz sell Crowne Plaza hotels

Brigitte Benhayoun - 23/01/17

 

With the talks for an Africa-Israel Investments Ltd. debt settlement are reaching an advanced stage. Africa Israel Hotels and Netz Hotels Ltd., which are partners in the hotel business, yesterday completed deals for the sale of the Crowne Plaza Tel Aviv and Eilat hotels and two other hotels in Eilat (Be City and La Playa) for NIS 524 million.

This amount is the full payment in the deal, plus NIS 20 million for the Crowne Plaza Jerusalem Hotel, for which the deal has not yet been completed. If it does not go through, the NIS 20 million will be compensation for the sellers under certain conditions. Africa-Israel and Netz Hotels hold the properties through their AFI subsidiary, which owns the franchise to operate the Crowne Plaza and Holiday Inn hotel chains in Israel.

Netz Hotels is controlled by Netz Group Ltdwhose controlling shareholders are CEO Tzvi Itzik, chairman Tony Elicha, and Jacques Amouyal. The companies estimate their cash flow from AFI at NIS 156 million, net of repayment of the bank debts, working capital, and transaction expenses.

At the end of 2016, the parties postponed the deadline for fulfilling the suspending conditions for the sales of the hotel in Jerusalem, in view of the need for a clarification of additional construction rights for the property in the urban building plan. The property is to be sold for NIS 255 million.

The three Crowne Plaza hotels being sold have a total of 900 rooms. AFI also owns hotels in Haifa, the Dead Sea, Ashkelon, and the Azrieli Center in Tel Aviv.

 

Source : Globes 20-01-2017

 

 

 

 

 

 

 

 

 

 

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Brigitte Benhayoun – Head of the Consummer Goods and Healthcare department at Business France in Israel assists French companies in their search for potential partners in Israel, in the following sectors:  Tourism, Fashion, Cosmetics, Home Furniture, Sport… In order to help French companies have a better understanding of the relevent market in Israel, the department organizes individual roadshows (including market studies, selection of contacts, qualified and targeted B2B meetings, etc.) as well as delegations, such as Atout France Workshop or other delegations participating in the major events in the industry.   Visit the FrenchTech w ebsite for more information, success stories, videos! For any further information, please contact: brigitte.benhayoun@businessfrance.fr   Aurélie Guthmann – Head of the Healthcare department at Business France in Israel assists French companies in their s

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