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Africa Israel completes purchase of German hotel
Company buys business hotel located between Stuttgart and Ludwigsburg for 3.75 million euro
Africa Israel Hotels has completed the purchase of the Ambrosino Hotel, which is located between the German cities of Stuttgart and Ludwigsburg.
The company plans to operate the hotel through the Best Western hotel chain.
The deal totaled 3.75 million euro, which will be financed by a foreign financial company which will provide Africa Israel with the greater part of the sum as a guaranteed loan for a lien of the property.
The hotel is scheduled to start receiving guests on July 1.
Africa Israel Hotels Ltd. is part of the Africa Israel Investments Ltd. group. The company was established in 1992, and operates and manages hotels and tourist sites in Israel and around the world.
Ynetnews contributed to the report
