Sunday, July 4, 2010

After Hertzliya, Ritz Carlton coming to Tel Aviv

Rothschild Boulevard, home to some of the priciest dwellings in Tel Aviv is about to get a Ritz Carlton Hotel as well. Migdal, the insurance company, is teaming up with Tidhar, a construction company owned by Gil Geva and Arye Bachar.

The two companies have signed an agreement to buy the site on 10 Rothschild Boulevard, on the corner of Herzl Street, stretching through to Lilienblum Street, on which the hotel (and some stories of residential apartments ) will go up.

Adi Strauss, a member of the Strauss family that owns the food company Strauss Group, is also expected to get into the deal.

Realtors expect the companies to face an outlay of $50 million, even though the deal is a "combination" - which means the owners of the land accept a relatively low price, in exchange for receiving some of the residential apartments built on the site. They can live in the apartments or sell them.

At present, however, the land in question houses five iconic buildings earmarked for preservation, which means the developers will have to include them into the project.

That said, the site is zoned for the construction of a 28-story hotel and residential tower.

The project will be planned by architect Rani Ziss.

Tidhar and Strauss already have a deal with the Ritz Carlton. A year ago they signed an agreement to build the chain's first hotel in Israel. It's going up at the Herzliya marina and is expected to open in 2012.

Source Haaretz

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