News| Dafna Sidkiyahu
Gornitzky represents Rimonim in a lease transaction worth over NIS 50 million.
Gornitzky represented Rimonim hotels chain in a lease transaction worth over NIS 50 million, according to which Rimonim will manage and operate the Kedma Hotel, currently under construction near kibbutz Sde Boker in southern Israel. In the framework of the transaction, Rimonim will provide the owner, Neot Boker Ltd. (jointly held by private entrepreneurs and Kibbutz Sde Boker) with a NIS 10 million loan.
The hotel will be opened for the public towards the end of 2018, and will include approximately 140 rooms and suites.
Gornitzky represented Fattal in a transaction with Issta Group for the acquisition of 3 hotels in Cyprus, in the aggregate amount of Euro 80 million.
Gornitzky & Co. represented Fattal Hotels in a joint transaction with Issta Group for the acquisition of 3 hotels in the city of Paphos in Cyprus, in the aggregate amount of Euro 80 million.
Our firm dealt with various aspects concerning the transaction, including the shareholder's agreement between Fattal and Issta with respect to the establishment of the joint company that purchased the hotels and the long term lease agreements for the management and operation of the hotels by Fattal Group. In addition, Gornitzky represented Fattal in the finance agreement with the Phoenix Insurance Company Ltd. and additional entities from the Phoenix Group, in a principal amount of Euro 56 million, for purchasing the hotels aforementioned.