The President Hotel Was Sold for NIS 82 Million

The Hanasi Hotel complex is located on Ahad Ha'am Street and covers an area of approximately 5.3 dunams. It was founded by the businessman Haim Schiff and opened in 1954. The hotel was one of the first to include a swimming pool in the capital, a pool that a few years later was at the center of a storm because it was a mixed pool for women and men, and led the Chief Rabbinate to withdraw the hotel's kashrut certification. Over the years, the hotel went through many difficulties and in 1988 it was bought by the Africa Israel Residential company. After about 30 years, during which the hotel was practically inactive, the complex was sold to the company Ibn Israel.

"This is a big deal, which means an expression of confidence in Jerusalem and its future development," says Nahum Rosenberger, one of the owners of the well-known company. "Today there are not many deals like this. We decided to sell the complex in order to concentrate on our activities in the city center, on our large project in the Davidka complex, which covers almost 40 dunams, and on the Hasbon complex, which covers 12 dunams, each of which requires the investment of many resources.

"Today we are concentrating most of our efforts in a radius of approximately 2.5 kilometers between Independence Park and the Mahane Yehuda market, believing that this area is facing tremendous upheaval, mainly because of the extension of the light rail lines and the plans to add stations to the heavy rail. All this will move Jerusalem forward and make it a very accessible place. Its potential is endless, and in my opinion, within a decade it will be impossible to recognize it."

The lawyers who represented the selling company in the transaction were Eli Mordechai of the Vitelzon Mordechai office and Dana Marciano of the Mitar office. Hadas Capital was represented by attorneys Assaf Ilon and Mittal Spivak of the Arnon, Tadmor-Levi office.

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