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Alrov Properties to Pay Hilton Hotels $20 million After Arbitration Settles
 David Citadel Hotel Dispute Which Lasted Seven Years

By Tzameret Pernat, Globes, Tel Aviv, IsraelMcClatchy-Tribune Regional News

July 19, 2011--Tel Aviv District Court Judge Michal Agmon today accepted the arbitration ruling settling the dispute between Alrov Properties and Lodgings Ltd. (TASE: ALRPR), controlled by chairman Alfred Akirov, and Hilton Hotels Corporation. Alrov will pay Hilton $20 million.

Alrov claimed that Hilton did not manage the David Citadel Hotel in Jerusalem at the required standard. The parties went to arbitration with Adv. Dr. Israel Leshem. The case lasted seven years.

Alrov Properties' share price fell 0.6 percent by mid-afternoon to NIS 65.57, giving a market cap of NIS 1.5 billion.


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