30 suites sold in Herzliya's Ritz-Cartlon

Tidhar Group sells resort apartments in new luxury hotel for NIS 125 million in first month of project's marketing

Shay Pauzner, Calcalist|Published: 09.27.10 , 14:30

The Tidhar Group – controlled by Gil Geva, Arye Bachar and Adi's Investments Ltd., owned by Adi and Irit Strauss – has sold 30 resort suites in the Ritz-Carlton Hotel in Herzliya on the first month of the project's marketing.

The Ritz-Carlton Hotel in Herzliya will include 190 luxury suites, 80 of which are being offered for sale as resort apartments. The sold apartments make up 40% of all suites the hotel is offering for sale.

The buyers are Israeli businesspeople who live abroad and in Israel and purchased the assets for personal use as a luxury resort residence.

The assets sold include a studio suite, two-room suites and duplexes, measuring a total of 60 to 80 square meters (645-861 square feet) in size. The net price for a suite in the hotel stands at NIS 2.6 million (about $700,000).

According to the agreement between the group building the hotel in Herzliya's marina and the owners, and in accordance with the requirements of the law in the compound, the owners will be allowed to use their suites up to six months a year.

In the additional six months they will have to hand their assets over to the management of the hotel, which will rent them out as rooms, and the buyers will divide the revenue with the hotel owners.

Tidhar's marketing manager, Sigal Ben-Menashe, told Calcalist that the "high volume of sales is typical of the demand for Ritz-Carlton's resort suites worldwide."