Leviev seeks buyer for Africa-Israel Hotels

Africa-Israel Investments denies the report.

Lev Leviev may be putting up for sale Africa-Israel Investments Ltd. (TASE:AFIL; Pink Sheets:AFIVY) subsidiary Africa-Israel Hotels Ltd. at an asking price of $150 million. The company might be split up among several buyers. Leviev has already put his malls, held through Africa-Israel Properties Ltd. (TASE: AFPR), up for sale.

Leviev delisted Africa-Israel Hotels from the Tel Aviv Stock Exchange (TASE) in late 2007, after buying out the public's 13.9% holding in the company for NIS 48.9 million. The company operates ten hotels in Israel under the Crowne Plaza and Holiday Inn brands. It also owns the Tiberias Hot Springs Spa, is a partner in the Kings City amusement park in Eilat, and owns a number of hotels in Europe.

An Africa-Israel Investments spokesman said in response, "We wish to emphasize that there are no contacts or negotiations, or agreement of any kind for the sale of Africa-Israel Hotels. Africa-Israel Investments CEO Izzy Cohen recently appointed a leading Israeli hotel manager as CEO of Africa-Israel Hotels in order to improve the group's hotels business."

Published by Globes [online], Israel business news - www.globes-online.com - on February 25, 2009

© Copyright of Globes Publisher Itonut (1983) Ltd. 2009

Twitter Facebook Linkedin RSS Newsletters גלובס Israel Business Conference 2018