Africa-Israel Hotels buys 4 Bucharest properties

Hotels

Africa-Israel Investments Ltd. subsidiary Africa-Israel Hotels Ltd. and a partner have bought four hotels, one of which is still under construction, in Bucharest.

The acquisition was made through a joint subsidiary in which Africa-Israel Hotels owns 60% and its partner owns 40%. Africa-Israel Hotels is paying €18 million ($24.8 million) for its share of the deal, plus €900,000 in tax costs.

The hotels are the Hotel Opera, Hotel Capital, and Hotel Venezia, all three-star hotels in the city center. The Palace Hotel is still under construction, and is due to open within 18 months. When it is completed the four hotels will have 300 rooms altogether, and generate an aggregate €10.5 million ($14.5 million) revenue. (globes.co.il)

ADVERTISEMENT

PMI rises to 57 in June Analysis

PMI rises to 57 in June

Lawmakers postpone expanded data provision for tourism secto... Parliament

Lawmakers postpone expanded data provision for tourism secto...

Tihamér Tóth appointed European Court judge Appointments

Tihamér Tóth appointed European Court judge

FINA head thanks Hungary for hosting 2022 worlds City

FINA head thanks Hungary for hosting 2022 worlds

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.