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Africa-Israel Hotels buys 4 Bucharest properties

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. (