EnglishAfrica-Israel Investments Ltd., through its subsidiary Africa-Israel Hotels Ltd., has acquired four hotels in Bucharest, according to a company press release. The investment amounts to 18 million EUR.
The four hotels acquired in the Romanian capital are Hotel Opera, Hotel Capital, Hotel Venezia and Hotel Palace. The latter is still under construction and is scheduled to open in mid 2008. The four hotels have 300 rooms and are expected to generate revenues of 10.5 million EUR.
The purchase marks Africa-Israel"s first venture in Romania"s hotel market. The company"s hotel holdings are centered in Russia where it owns two hotels and plans to build two more. The company has nine hotels in Israel.
Shmulik Shai, Deputy CEO of Africa-Israel Hotels: "Africa-Israel Hotels sees in its venture in Romania an excellent opportunity to expand its international operations."
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