PBC CEO Sagi Eitan
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PBC, partners buy Cardiff Hilton for $71 million
Real estate company controlled by IDB Group purchases third hotel in Wales capital along with British Tonstate Group, Destiny Holdings. PBC's part in deal is 20 percent; operating profit from hotel's activity in 2007 estimated at $7 million
Israeli real estate company Property and Building Corporation Ltd (PBC), which is controlled by the IDB Group, has purchased a third hotel in Cardiff, the capital of Wales, along with its partners, the British Tonstate Group and Destiny Holdings.
More than GBP 35.3 million (about $71.62 million) were invested in the acquisition, and more than $939 million were invested in the three hotels altogether.
מלון הילטון
The three hotels are owned by the Hilton International chain in long-term management contracts. Hilton's management contract for the Cardiff hotel is for a period of 20 years.
PBC's part in the deal is 20 percent, and the operating profit it is expected to earn from the hotel's activity in 2007 is estimated as approximately NIS 30 million ($7 million).
The Cardiff hotel includes about 200 rooms and suites, seven conference centers, restaurants, spa facilities and parking lots.
PBC CEO Sagi Eitan said Thursday, "The hotel in Wales, like the two Hilton hotels we purchased in London and Birmingham, is attractive and unique both in terms of its locations and in terms of the diverse and comprehensive services it offers.
Tzachi Even-Ari of the Tonstate Group said Thursday, "Our cooperation with Property and Building Corporation and Destiny is very productive and additional acquisitions may take place in the future."
The hotel will be run by Hilton International, which was purchased last week by the Blackstone Group for more than $26 billion.
