The remaining shareholders in the Dutch purchasing company are a subsidiary of the Red Sea Group of Companies (45 percent), and a third party (10 percent).

The long-term lease is for a period of 125 years.  In consideration for the acquisition of the lease rights, the Dutch Company will pay a total of GBP 10 million, as well as annual lease payments of GBP 450,000 per annum with rent reviews every 5 years.

The Sherlock Holmes Hotel is presently a 3 star operational hotel consisting of 125 rooms.  It is intended to execute a refurbishment in order to upgrade the Hotel to a 4 star rating operating under the �Park Plaza� tradename.

Elscint President Rachel Lavine commented that �..the acquisition of the Sherlock Holmes Hotel, together with our strategic partners, is a further step in the implementation of Elscint�s plans to establish a significant presence in London.  Together with the already operational Shaw Park Plaza, and with the completion of the Victoria and Thames projects, we will have approximately 1,200 rooms in London�

This release contains certain forward-looking statements which involve known and unknown risks, uncertainties or other factors not under the Company�s control which may cause actual results, performance or achievements of the Company to be materially different from the results, performance or other expectations implied by these forward-looking statements.