Israeli billionaire Teddy Sagi has bought two penthouse apartments in the Ritz-Carlton hotel in Herzliya for NIS 32 million, sources inform "Globes." The apartments will be used to host guests of Teddy Sagi who visit Israel to do business with his group of companies, which focus on the Internet and real estate.
The Ritz-Carlton hotel in Herzliya overlooking the marina was developed by Tidhar Group and offers furnished apartments for purchase from the seventh to 12 floors. The project targets wealthy overseas businesspeople looking for a vacation home in Israel and seeking a luxury lifestyle.
The first of the two apartments purchased by Sagi is 110 square meters in size with two bedrooms and a 40 square meter veranda. The second is 104 square meters with one bedroom, a work room and 55 square meter veranda. Both apartments are on the 12th floor of the hotel.
Under the terms of the agreement with the Ritz-Carlton, the purchasers can use apartments that they buy for up to 180 days per year, while in the other half of the year the hotel can rent out the room to paying guests. The buyer can enjoy a rental payment of 2%-5% for this period depending on how many days it used. The hotel charges $2,500-$4,500 per night for these suites.
The two Herzliya apartments expand Sagi's real estate portfolio in Israel. He already owns a triplex on floors 44-46 of the W Tower in Tel Aviv's Park Tzameret, which he bought from real estate developer Moshe Peterburg for NIS 19 million. Five years ago he bought former Prime Minister Ehud Barak's apartment in Tel Aviv's Akirov Towers for NIS 26.5 million; he now owns the entire 31st floor. In 2010, he bought the Herzliya Pituah house of businessman Zaki Rakib on Galei Tachelet Street for NIS 145 million.
Published by Globes [online], Israel business news - www.globes-online.com - on April 20, 2017
© Copyright of Globes Publisher Itonut (1983) Ltd. 2017
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