The company will ask NIS 58 million for the project's 544-sq.m. penthouse.
Starwood Hotels & Resorts Worldwide Inc. (NYSE: HOT), will build a hotel and residential complex in the Old City of Jaffa, after signing a contract with the landowner, RFR Holdings Ltd. This will be the company's first W Hotel brand hotel in Israel. RFR bought the land, at 2 Louis Pasteur Street, from the Catholic Church in 2006.
The lot has an authorized building plan for residential and hotel use. The lot includes a four-floor building from 1879, which was originally used as the French Hospital, and is slated for preservation. Starwood will convert this building into a hotel and will also build a six-floor hotel and apartment building that will include the chain's flagship restaurant. Altogether, the project will have 20,000 square meters of built-up space: 125 hotel rooms, 38 luxury apartments, and commercial space for the hotel's use.
The apartment complex will have a separate entrance. Apartments will range in size from 92 square meters, which will cost NIS 6.4 million, to a 544-square meter penthouse, which will cost NIS 58 million. British architect John Pawson will design the W Tel Aviv hotel, together with Israeli architect Rami Gil, who designed the new Jaffa Port, located a short way from the project.
Construction of the project is due to begin in the spring of 2015. Eldar Marketing Ltd., which Starwood and RFR chose to handle sales, will begin marketing the project in two weeks.
Published by Globes [online], Israel business news - www.globes-online.com - on April 3, 2013
© Copyright of Globes Publisher Itonut (1983) Ltd. 2013
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