As reported by Globes, the Menora Mivtachim Group is joining Israel Canada Hotels, a subsidiary of the Israel Canada company controlled by Asi Touchmair and Barak Rosen, which was established three years ago and is managed by Reuven Alex. The transaction reflects a value of NIS 590 million for the company.
Menora will invest NIS 88 million in exchange for 15% of the shares in Israel Canada Hotels and will be entitled to appoint an observer on its behalf to the company’s board of directors. Menorah has an option to purchase an additional 4.5% by November 2025 at a share price identical to that of the allotted shares.
The Israel Canada Company currently has nine hotels with 1,100 rooms, and another 1,000 rooms under construction. The chain’s hotels include Galei Kinneret, Daniel Dead Sea, Nofei Gonen, Lake House, West Tel Aviv, West Ashdod, Play Midtown, Play Port, and Soleil Eilat.