Ayalon buys Jerusalem's Chen Hotel

Ayalon has bought the hotel on Mount Herzl at the entrance to Bayit Vegan for NIS 120 million.

Ayalon Holding Ltd. (TASE: AYAL) has bought Jerusalem's Hen Hotel for NIS 120 million, sources inform "Globes."

The hotel, which is on Mount Herzl at the entrance to the Bayit Vegan neighborhood near Yad Vashem and the southern terminal of the Jerusalem Light Rail has 160 rooms. Annual return on the property is 7.6-8% depending on realizing options to enlarge the hotel. Some of the rooms in the hotel are currently leased to Amidar and the hotel includes an events hall.

Published by Globes [online], Israel business news - www.globes-online.com - on March 6, 2013

© Copyright of Globes Publisher Itonut (1983) Ltd. 2013

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