The Isrotel Ltd. (TASE: ISRO) hotel chain has sold Jerusalem's most expensive apartment in terms of price per square meter. A Swiss Jewish buyer paid NIS 17.7 million (NIS 84,000 per square meter) for a 212 square-meter apartment being built in the new Jerusalem Isrotel complex in the German Colony, "Yediot Ahronot" reports.
The hotel is being built on a 5.6 dunam (23 acres) site at the junction of Emek Refaim and Bethlehem Road. The 250-room hotel, designed by architect Yoel Feigin, is scheduled to be completed towards the end of 2016.
When completed, the complex, which includes preserved 19th century buildings, will also contain two four-floor buildings with 11 apartments. The apartment sold last week covers the entire floor of one of the buildings.
Isrotel CEO Lior Raviv told "Yedioth Ahronoth" that, "The buildings contain two garden apartments that are more expensive than the one we have just sold. It is difficult to build a luxury hotel today if you don't also build residential apartments as part of the project."
Published by Globes [online], Israel business news - www.globes-online.com - on March 25, 2015
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