Shmulik Shai, Deputy CEO of Africa-Israel Hotels
Africa-Israel purchases 60% of 4 Bucharest hotels
Africa-Israel invests 18 million euro in Bucharest hotel industry, acquiring 60% in company that holds four hotels in Romanian capital
Africa Israel purchased 60% of four hotels in the Romanian capital Bucharest for 18 million euro through a Cyprus-based subsidiary.
The hotels have 300 rooms and three of them are boutiques hotels that cater for businessmen and wealthy tourists.
The fourth hotel will be opened in mid 2008 and will include 150 rooms.
The purchase marks Africa-Israel's first venture in Romania's hotel market. The company's hotel holdings are centered in Russia where it owns two hotels and plans to build two more. The company has nine hotels in Israel.
Shmulik Shai, Deputy CEO of Africa-Israel Hotels said: "Africa-Israel Hotels sees in its venture in Romania an excellent opportunity to expand its international operations."
