Leumi lends Taic NIS 1.2b for David Promenade project

Bank Leumi recently signed an agreement with hotelier Henry Taic for the financing of the David Promenade Towers project that Taic is constructing opposite the Opera Tower, close to Tel Aviv's beachfront.

Under the agreement, Bank Leumi will finance the project to the tune of NIS 1.2 billion, covering the cost of construction and the guarantees to buyers of apartments in it. Taic and Bank Leumi CEO Rakefet Russak-Aminoach celebrated the signing of the agreement with a cake in the shape of the project.

David Promenade flat sold for record price per sqm

A 612 square meter flat with four private parking spaces on the 17th floor of Henry Taic's David Promenade Residences on Hayarkon Street has been sold for NIS 81.46 million, i.e roughly $23 million. According to the Israel Tax Authority, the purchase was made just over a month ago. That represents a record price for an apartment in Israel, at NIS 133,100 (or $37,000) per square meter. For the sake of comparison, for the price of this apartment it would have been possible to buy 68 apartments at the average price of NIS 1.2 million in the first quarter of 2013, according to the Central Bureau of Statistics.

The seafront David Promenade Residences comprises two high-rises on an eight-dunam (two acre) lot between Hayarkon Street and Herbert Samuel Street, right next to the famous Opera tower. One 26-storey high rise is for residences and the second will be a hotel managed by the luxury Swiss Kempinski chain. The residential building will have just 60 apartments, compared with the original plan of 96 apartments. The average price of previous deals in the project is NIS 65,000 per square meter.

Construction to finally start at David Promenade

Henry Taic has begun construction of the David Promenade Residences project on Tel Aviv's seafront, ten years after buying the land and years after Taic announced the project. The two building project is being built on an eight-dunam (two-acre) lot between Herbert Samuel Street, Hayarkon Street and Trumpeldor Street, right next to the Opera tower. Each building will have 26 floors; one building will have 60 apartments, and the other will be a hotel managed by Swiss chain Kempinski AG.

Henry Taic's 600-room hotel on Hayarkon approved

The Tel Aviv Local Planning and Building Committee today approved 820 new hotel rooms in Tel Aviv. This includes a 600 room hotel which will be built by businessman Henry Taic in Hayarkon Street, and a 220 room hotel as part of the conversion of the Lev Tel Aviv police station in Dizengoff Street into a hotel and residential project.

Taic's Nahal Group plans on building the Forum Palace Hotel which will comprise two 17 floor buildings in the excavated land where the old Sheraton hotel was once located. In addition to the 600 rooms above ground, the hotel will have banqueting halls, restaurants, cafes and service areas as well as a two floor underground car park.

Taic's Nahal Group is also building Israel's first Kempinski Hotel as part of the David Promenade Residences on Herbert Samuel Street at an investment of NIS 200 million as well as the first Waldorf Astoria just north of the Hilton hotel.

Source Globes

Henry Taic to open yet another hotel in Tel Aviv

After the David Intercontinental and the upcoming Kempinski, Henry Taic is now negotiating with Tel Aviv municipality to open his third hotel on the Tayelet under the Waldorf Astoria brand, right next to the Hilton hotel in Tel Aviv.

The chain's first hotel will be opened by the Canadian Reichman family in 2011 in Jerusalem, opposite businessman Alfred Akirov's Mamilla Hotel, at a total investment of $100 million. It is expected to be Israel's most luxurious hotel. Developer Henry Taic plans to build the second Waldorf Astoria Hotel on the area north of the Tel Aviv Hilton Hotel, which includes its parking lot and gas station. The new hotel will be integrated into the activity of the historic hotel located near Independence Park.

According to Architect Moshe Zur, who is conducting the negotiations with the Tel Aviv Municipality, it is still unclear home many floors or rooms the hotel will have and whether it will include vacation flats. Taic confirmed the existence of construction plans near the Hilton, adding that it would be a long process. In any event, the new hotel's location is not expected to block the Hilton guests' view.

Two Waldorf Astoria hotels in Israel will expand the country's five-star deluxe hotel industry, which includes the two Ritz hotels being built in the Herzliya Marina and on Tel Aviv's Rothschild Boulevard and the Four Seasons Hotel planned in Jerusalem's German Colony.

The Jerusalem hotel, being built by the Hilton corporation and the IPC Jerusalem company within the historical Palace hotel, is located on the corner of King David and Agron Streets – short walking distance from the Old City – and will include 220 rooms and suites and 30 residential apartments. Waldorf Astoria Collection currently has five hotels, four of them in the United States. The Jerusalem hotel will be the second one located outside the US after the hotel in Jeddah, Saudi Arabia.

Source Yedioth Ahronoth

Henry Taic to open Israel's first Kempinski hotel

Henry Taic plans to build the first Kempinski Hotel in Israel as part of the David Promenade Residences under construction on Tel Aviv's seafront.

Taic's company, Nahal Group, signed an agreement with Kempinski Hotels AG last week to establish a luxury hotel on half the eight-dunam (two-acre) lot owned by Nahal on Herbert Samuel Street in Tel Aviv near the US Embassy. The Kempinski Tel Aviv Hotel will have 220 rooms, including 50 suites, on 23 floors. It is due to open in 2013.

The Kempinski Tel Aviv Hotel will be attached by glass cube to the 25-storey David Promenade Residences, which will have 60-70 luxury apartments ranging in size from 100 square meters to 1,000-square meter duplexes. Residents will have use of the hotel's facilities. Nahal owns the David Intercontinental Hotel in Tel Aviv, the Meridien Dead Sea Hotel, and Grand Court Hotel Jerusalem. Kempinski Hotels was founded in 1897. The luxury European chain how has 60 hotels worldwide, with 43 more planned for Europe and Asia.

Source Globes