Reichmanns sell Jerusalem's Waldorf Astoria for $130m

Waldorf Astoria Jerusalem Photo: Eyal Yitzhar

French-Jewish businessperson Michel Ohayon has bought the landmark hotel from the Canadian Jewish family.

The Reichmann Canadian Jewish family has sold the Jerusalem Waldorf Astoria Hotel for $130 million. The buyer is French-Jewish businessperson Michel Ohayon, owner of the Versailles Waldorf Astoria Hotel.

The Hilton Hotel chain manages the Jerusalem Waldorf Astoria under an agreement that extends for another 15 years. Market sources believe that the character of the hotel will not change.

The hotel, the first in Israel of the Waldorf Astoria chain, has 227 rooms and a residential wing with 30 luxury apartments. It was opened in mid-2014. 27 of the apartments have been sold, and Ohayon will be the owner of the remaining three.

The residential wing has supplied the most expensive deal in Jerusalem in recent years. In 2014, Russian oligarch Leonid Nevzlin bought a 500-square meter apartment there for NIS 40 million.

The Jerusalem Waldorf Astoria Hotel is located on the corner of Agron and David Hamelech Streets near the Malmilla project in a building that housed the Arab-owned luxury Palace Hotel in the 1920s. This hotel was closed down in 1935, and the building was then used for government ministries. The Reichmann family bought the building in 2006 for NIS 20 million, and built the Waldorf Astoria project on the site.

Published by Globes [online], Israel Business News - www.globes-online.com - on December 24, 2017

© Copyright of Globes Publisher Itonut (1983) Ltd. 2017

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Waldorf Astoria Jerusalem Photo: Eyal Yitzhar
Waldorf Astoria Jerusalem Photo: Eyal Yitzhar
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