The former Beersheva Hilton is valued at NIS 100 million.
Yitzhak Tshuva's private real estate company, Elad Properties is in talks to sell the Golden Tulip Hotel, formerly the Beersheva Hilton, to Fattal Hotel Management Ltd. The talks come less than a year after Fattal bought two hotels in Eilat from Elad. The 250-room Golden Tulip has been valued at NIS 100 million for the deal.
Fattal already manages the Golden Tulip. Elad opened the hotel 12 years ago at a cost of $20 million. The capital gain that Elad will make on the sale is not known.
This deal is the latest sale of Israeli income-producing by Elad unit Elad Hotels Ltd.
Published by Globes [online], Israel business news - www.globes-online.com - on February 8, 2009