Sea One Hotel will be operated by Isrotel

The Isrotel group signed recently with Electra Real Estate to operate the hotel part of the prestigious Sea One. The hotel is expected to open during 2012. It will have 230 rooms and the lease will be for a period of 16 years with extension options. According to the agreement, the Isrotel Company will pay an annual rent of NIS 15.4 million a year or a percentage of the hotel revenue, whichever is higher.

Shlomo Sherf CEO Electra Real Estate, said: "Isrotel has enormous experience in luxury hotels around the country, and we are convinced that they are the appropriate management company for a luxury hotel such as the Sea One. We believe that the hotel will be one of the major accommodation centers for business people who come to Israel and will become a leading brand in in Israel." After signing the agreement Lior Raviv, CEO of Isrotel said: "The new hotel will be different from the hotels we know today in Tel Aviv. We will offer a contemporary hotel, unique and modern. The hotel will be designed by the German interior designer Harold Klein, who has extensive experience with the best hotels in Europe."

In addition to the hotel, the Sea One Project, located in an area of 4 hectares between HaYarkon and Herbert Samuel streets, will include a residential complex, commercial areas, a pool overlooking the sea and a public parking lot. Lastly, the project received this fall a building permit for the addition of 10 floors, which will include hotel rooms and luxury apartments. The project is considered one of the most prestigious to have been built recently in Tel Aviv, and last year it made the news when a Russian businessman bought the penthouse with an area of 1,100 square meters for NIS 110 million.