Ritz-Carlton Hotel Company LLC is the latest hotel chain that plans to open on Tel Aviv's Rothschild Boulevard. The deal strengthens hotel plans for the street being promoted by the Tel Aviv Planning and Building Commission.
Ritz-Carlton has signed a deal with Tidhar Ltd. and Migdal Insurance and Financial Holdings Ltd. (TASE: MGDL) to buy a block of buildings at 10 Rothschild Boulevard for $50 million. Adi's Investments Ltd., owned by Adi and Irit Strauss, is due to join the deal. In late 2009, Tidhar and Adi's announced a plan to build a Ritz Carlton hotel at the Herzliya Marina, at an investment of NIS 600 million.
The Rothschild Boulevard deal involves five lots, currently occupied by buildings slated for preservation at the southern end of the boulevard. The buildings will be renovated and integrated into a 28-storey high-rise for residential and hotel use, under an approved plan.
Aviv & Co. also wants to build a hotel at 22 Rothschild Boulevard, after the Tel Aviv Planning and Building Commission last week approved increasing the number of floors for the company's planned Aviv Rothschild Center officer at tower to 29 floors. The company wants to rezone the building to include hotel use.
Sources inform ''Globes'' that that the Tel Aviv Planning and Building Commission has a backlog of applications to build hotels on Rothschild Boulevard. Tel Aviv city engineer Hezi Berkovich still has to review these applications. Developments are expected over the coming months.
MTM - Mivnei Taasia and Mlacha Ltd. (TASE: MTM-L) and Building Resources Ltd. (TASE: BDRCM), both controlled by the Kedem family, are planning to establish a 50-room boutique hotel at the corner of 75 Rothschild Boulevard and Mazeh Street. The hotel will be built beneath the office building on the site.
Published by Globes [online], Israel business news - www.globes-online.com - on July 5, 2010
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