Published on : Tuesday, March 27, 2018
Isrotel Hotels Management Ltd, one of the famous Israeli hotel management chains will lease and operate a luxury boutique hotel at the corner of Ahad Ha’am Street and Nahlat Binyamin Street to welcome the luxury guests who are coming to Israel.
Israeli hotel chain has notified the Tel Aviv Stock Exchange (TASE) that it will lease and activate a luxury boutique hotel that will be built by a third party at the corner of Ahad Ha’am Street and Nahlat Binyamin Street in Tel Aviv.
Isrotel is an amalgamation the growing trend of opening boutique hotels in Israel, especially in the center of the country.
Isrotel is being confident by the authorities to combat a lack of rooms in the Tel Aviv area and high prices.
The new hotel by Isrotel is scheduled to open in 2022 and will be part of Tel Aviv Municipality’s major renovation program that includes preservation of many of the buildings in Nahlat Binyamin Street.
Isrotel CEO Lior Raviv said that they are talking about a relatively small hotel with an urban neighborhood atmosphere with fewer rooms than we usually have. This will include 87 rooms and commercial space. There are 87 rooms, which will be subject to receiving planning permission for construction of an additional floor. Isrotel will have 930 rooms in Tel Aviv with plans to reach 1,500 rooms.
Isrotel Hotel Chain has recent began the building of a 130-room hotel in a preserved building opposite the Gesher theater in Jaffa.
The developers are the Gabso family who had originally been given a permit to build apartments but chose to switch to a hotel. Isrotel will lease that hotel for 15 years from completion with an option to extend for another 10 years.
Isrotel in Israel operates 18 hotels around Israel including eight in Eilat. The chain has 3,820 rooms with 3,263 rooms in hotels that the company owns as well as operates.