The Tourism Ministry's Investment Administration approved six projects to establish and expand hotels in Jerusalem and Nazareth. In total, 375 hotel rooms of varying standards will be built, 321 in Jerusalem, at a total investment of NIS 225 million (roughly $57 million). The grant rate in Jerusalem is 28% and in Nazareth 20%.
The ministry gave a grant for the reestablishment of the former Dan Pearl Hotel, which is pending demolition.
The hotel is situated across from the Old City of Jerusalem and will be reconstructed by new ownership to include 153 level A (top) hotel rooms. An additional hotel that was approved to receive a grant from the Administration will be built in the heart of the Old City of Nazareth, atop a hill overlooking the Church of the Annunciation.
The hotel will be constructed on land owned by the Latin Patriarchate and will include two buildings – one historic that was previously a school and will now be made into a hotel as part of the "Building Conservation Law." The hotel will include 100 rooms, mainly designated for pilgrims.
Tourism Minister Stas Misezhnikov stated that "The ongoing increase in incoming tourism to Israel obligates us to prepare by increasing the supply of hotel rooms throughout the country, particularly in areas of high demand and ensure they are of varying standards to meet the needs of different market segments.
The grants allocated this week by the Ministry of Tourism's Investments Administration are a central part of the response to this critical need, especially in Jerusalem which suffers from a serious lack in accommodation options."
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