Gabay Group and the Prima hotel chains are partnering for a new venture in Ashdod and investing NIS 250 million in a 210-room hotel in Ashdod.
Real estate development and construction company Gabay Group has sold half the rights to land designated for a hotel overlooking Ashdod seafront. Construction is scheduled to begin next year and to be completed within four years. The partnership between Gabay and Prima is for 24 years.
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The 1.75 acre lot was purchased by Gabay back in 2004 from private owners. Initially zoned only for hotels the land was rezoned two years ago to also allow construction of residential properties and 105 apartments will be built adjacent to the hotel.
The Prima hotel chain, which is owned by the Moskowitz family, has 14 hotels around Israel and is currently planning and building four more hotels including the Ashdod hotels.
Prima Hotels CEO Avi Dor said, “For incoming tourism we will attract French visitors who come to Ashdod and groups looking to stay in central Israel with an emphasis on being close to the seafront.”
“Prices in Ashdod will be 30% lower than in Tel Aviv and the proximity to the center makes it a solution for groups. In addition, the hotel will include a dynamic events hall for private customers as well as a major location for business conference tourism – due to the major businesses in the surrounding area such as Intel in Kiryat Gat and the Israel Electric Corp.”
Published by Globes, Israel business news – en.globes.co.il – on September 5, 2021
Copyright of Globes Publisher Itonut (1983) Ltd. 2021
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