Date: November 2018
Location: Part of the Lapid development in south Tel Aviv, Israel
Name: Four Seasons Tel Aviv
No. of Keys: TBA
Owner/Developer: Four Seasons and its investment partners are closing on an Israeli development site.
Silverstein Properties, owned by American real estate billionaire Larry Silverstein, who previously supported Four Seasons projects in New York and Orlando, is working with the hotelier. In May, Silverstein raised USD175m with an Israeli bond launch.
The Four Seasons, which operates luxury hotels in 41 cities around the world, is looking to construct a 100,000-square-meter hotel in the south of Tel Aviv, near Jaffa.
Four Seasons’ President and CEO J. Allen Smith visited Tel Aviv in October 2017, toured the site, met with representatives of the city, and approved the project, we believe.
More recently, representatives of Silverstein Properties have met with the city of Tel Aviv to finalise the project’s details.
Both the Four Seasons hotel group and Silverstein Properties were approached for a comment Thursday but have yet to respond.
Israeli real estate investment company Israel Canada TR Ltd. is also set to collaborate on the project.
The project is pending successful negotiations with the property owners and with the city of Tel Aviv.
The new hotel is planned to become part of the Lapid real estate complex, a 300,000-square-meter development project on Eilat street which is set to host luxury apartments. Eilat street, like much of southern Tel Aviv, is mostly unkempt and underdeveloped, but a few new luxury developments in the area are already marking the inevitable gentrification.
THPT Comment: Let’s hope the stories are true and we get the first Four Seasons hotel in Israel.
First Seen: CTech by Calcalist
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