The company has acquired 60% of a hotel chain with 294 rooms in Bucharest for €18 million.
Africa Israel Hotels Ltd. (TASE: AFHO) has acquired 60% of a Romanian company that directly or indirectly owns four hotels in Bucharest with 294 rooms for €18 million. The deal is subject to due diligence.
Last month, the company bought a business hotel near Stuttgart, Germany, for €3.75 million.
Africa Israel Hotels also published its financial results for the fourth quarter of 2006 and the year as a whole today. 2006 revenue rose 23% over 2005 to NIS 348 million, and net profit rose 330% to NIS 10.1 million.
Published by Globes [online], Israel business news - www.globes.co.il - on March 12, 2007
© Copyright of Globes Publisher Itonut (1983) Ltd. 2007