A significant step in Israel’s hospitality sector was marked by the signing of a definitive agreement under which Israel Canada Hotels Holdings Ltd. (TASE: ISCN), a publicly traded hospitality company, will acquire a 50% ownership interest in both the Galilion Hotel and the Kfar Giladi Hotel, located in Israel’s Upper Galilee region, for an aggregate consideration of approximately NIS 142 million.
The transaction reflects consideration of NIS 77.5 million for the Kfar Giladi Hotel and NIS 65 million for the Galilion Hotel. The sellers are Tourism and Development Kfar Giladi Agricultural Cooperative Association Ltd. and Kibbutz Kfar Giladi Agricultural Cooperative Association Ltd.
The Naschitz Brandes Amir team advising the sellers on the transaction was led by partners Arie Lamay and Uri Bar-Kama, together with associate Michal Gomel Cohen.