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Elbit Imaging Sells 4 Dutch Hotels to PPHE Hotel Group
(Formerly Park Plaza Hotels)

Transferring Ownership of the Park Plaza Victoria Amsterdam Hotel,
the Park Plaza Utrecht Hotel, the art'otel Amsterdam, and
the Park Plaza Airport Hotel

Globes, Tel Aviv, IsraelMcClatchy-Tribune Regional News

April 02, 2012--PPHE Hotel Group Ltd. (AIM:PPH) (formerly Park Plaza Hotels), controlled by Eli Papouchado, has bought out its partner Mordechay Zisser-controlled Elbit Imaging Ltd. (Nasdaq: EMITF; TASE: EMIT) in four Dutch hotels for €26.5 million in cash and shares.

The two companies own the four hotels -- the Park Plaza Victoria Amsterdam Hotel, the Park Plaza Utrecht Hotel, the art'otel Amsterdam, and the Park Plaza Airport Hotel -- in equal shares, and PPHE managed them. The deal was made at a property value of €169 million.

PPHE also assumed Elbit Imaging's 50 percent share in the properties' bank loans, amounting to €58 million. PPHE will pay €23 million in cash, allot 700,000 shares, currently worth €2 million, to Elbit Imaging, and pay up to an additional €1.5 million in four years.

Elbit Imaging will report a capital gain of NIS 180 million on the sale.

Elbit Imaging share price rose 3.1 percent in early trading on Nasdaq today to $2.70, giving a market cap of $67 million, after 1.9 percent on the TASE today to NIS 10.19. PPHE was unchanged on London's Alternative Investment Market (AIM) at UKpound2.38.

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(c)2012 the Globes (Tel Aviv, Israel)

Visit the Globes (Tel Aviv, Israel) at www.globes.co.il/serveen/globes/nodeview.asp?fid=942

Distributed by MCT Information Services



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