– Purchased Shares of Owner Kedem Hotel Jerusalem Ltd. for NIS 70 Million
JERUSALEM, Aug. 16, 2012 /PRNewswire/ — Kevin Bermeister and a group of private investors have purchased the shares of Kedem Hotel Jerusalem Ltd., the owner of the Leonardo Inn Hotel Jerusalem, for approximately NIS 70 million (US $17.5 million) in an all cash transaction.
The Leonardo Inn has been managed for the past several years by Fattal Hotels, the operator of several Leonardo hotels in Israel as well as additional properties throughout Israel and in Europe.
Bermeister and his partners are exploring opportunities for future development of the Leonardo Inn site and expansion of the hotel to create additional rooms for tourists and other visitors to Jerusalem.
“This transaction represents our first completed investment in the tourism development sector of Jerusalem, and we expect to make multiple future investments in this sector, either directly or through a specialized investment fund,” Bermeister stated.
The Leonardo Inn Hotel Jerusalem currently has 185 hotel rooms, a spa and health club with sauna, a Jacuzzi, and outdoor and indoor swimming pools.
“The hotel is well situated along the Jerusalem Light Rail line and the Central Bus Station at the entrance of Jerusalem, and within easy walking distance to numerous historical and cultural sites including the Knesset, Israel Museum, Yad Vashem and Mount Herzl. This location makes it very attractive to tourists and pilgrims who regularly visit the city, and we plan to increase their numbers by hosting educational seminars in partnership with Gateways, the education group founded by Rabbi Mordechai Suchard,” Bermeister continued.
