The hotel closed about 7 years ago for an upgrade, but has not been reopened since. It has 260 rooms and covers a land of about 16 dunams in western Ashkelon and near the shoreline.
The buyers intend to demolish the existing hotel and redesign the land so that a project will be built on it with mixed uses of hundreds of apartments and a new hotel. The expected investment in the project is estimated at NIS 400 million.
In another notable deal, the company purchased the Orot cinema building in Raanana in 2020 for NIS 165 million. This project will also be built as a mixed-use project and will include 156 housing units as well as commercial and office space.
Ramot is currently constructing the third of four towers in the “Ramot Hasharon” residential complex – evacuation-construction on Hechalutz Street, which includes 4 towers of 26-23 floors, and 588 new housing units instead of 168 old housing units.
Ramot’s CEO in the city, Eliav Maimon: “We are working in full cooperation with the Ashkelon Municipality to redesign the complex and build a complex with a variety of uses of residential towers and an updated hotel project.”
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