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Nitsba Holdings Ltd. to Build 800-room Hotel in Tel Aviv, Israel

By Michal Margalit, Globes, Tel Aviv, IsraelMcClatchy-Tribune Regional News

Sept. 07, 2011--Nitsba Holdings Ltd. (TASE: NTBA), controlled by Koby Maimon, will build an 800-room hotel in Tel Aviv's South Kirya compound, after winning an Israel Land Authority tender with a NIS 50.5 million bid. Nitsba will pay NIS 30.6 million for the land and NIS 19.9 million in development costs, including VAT.

The 40,000-square meter hotel will have 45 floors and 2,000 square meters of commercial space. It will be built on a six-dunam (1.5-acre) lot that was marketed as an integral part of the Ganei Sarona commercial, entertainment and recreation project in the Templar's Sarona neighborhood. The six Templar buildings were not part of the tender. These buildings, slated for preservation, were kept by the Tel Aviv Municipality for public uses.

Ganei Sarona is south of Kaplan Street, along Tel Aviv's main business axis.

Nitsba's share price rose 2.6 percent by mid-afternoon to NIS 30.94, giving a market cap of NIS 1.8 billion.


(c)2011 the Globes (Tel Aviv, Israel)

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