DAYAN FAMILY TO ACQUIRE AFRICA-ISRAEL HOTELS

After purchasing four hotels from Africa-Israel Hotels for NIS524 million (€131.3 million) earlier this year, the Dayan family has now signed a deal to acquire the full ownership of Africa-Israel Hotels for NIS413 million (€103.5 million). Africa-Israel currently operates 15 hotels (some are fully owned), ten of which are in Israel (approximately 2,500 rooms); the other five properties are in Romania, Russia and Germany. The group, owned 50:50 by Africa-Israel Investments and Netz Group Ltd, is a franchisor for InterContinental Hotels Group, operating nine of its Israeli hotels under the Crowne Plaza and Holiday Inn brands.

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