The Isrotel chain has a current value of 5.7 billion shekels (1.6 billion euros) on the stock exchange
Despite the damage caused by the pandemic to the hotel industry in Israel, the Dayan brothers and the Isrotel hotel chain are pushing for growth and are planning to buy more hotels in Cyprus and Greece.
According to the Israeli newspaper Calcalist, through the Isrotel chain they will buy 60 hotels in Greece and Cyprus for a huge amount of 1.2 billion euros.
According to the Israeli press, these are hotels for sale, with most of them located in various parts of Greece and the minority in Cyprus.
The Isrotel chain has a current value of 5.7 billion shekels (1.6 billion euros) in the stock market. Also, according to Israeli newspapers, the failure to expand in Israel is probably the reason why the chain is focusing on expansion in Greece and Cyprus.
The Isrotel chain
David Lewis founded and founded the Isrotel chain in 1980. The chain has 20 large hotels in Israel, most of which are located in Eilat.
In addition to expanding into Europe, Isrotel is also opening two more hotels in Israel. These hotels include 45 suites at Ein Bokek on the Dead Sea and 130 guestrooms in Tel Aviv.
The Dayan brothers are a family of entrepreneurs who invest mainly in real estate. They are widely active in Germany and England and are the real owners of the real estate company Vivion S.à.rl, which submitted a bid in the tender for the development of part of the former American base in Gournes, Heraklion, Crete, as announced by the Fund for the Development of Private Property State (HRD).
They also bought two hotels – Sanderson and St. Martin’s Lei in 2019 from Shaikh Hamad bin Jasm al-Thani, a member of the Qatari royal family and Prime Minister of the country from 2007 to June 25, 2013.
In Israel, the brothers bought Africa Israel Hotels, which operates the Crowne Plaza (IHG) in Haifa and Tel Aviv and owns other hotels in Jerusalem, Eilat and the Dead Sea.
In addition, Dayan Brothers has long been established in the hotel industry in Greece. Therefore, they decided together with the Isrotel chain, to expand in the country. They will compete with their compatriots of Fattal, which also has a significant presence in Greece.
One of Dayan’s younger brothers, Amir Dayan, is a businessman, investor and entrepreneur specializing in real estate and hospitality. Due to his in-depth knowledge in these fields, he leads the family in real estate and hotel investments. Amir Dayan currently lives in Amsterdam but is active in Germany, Israel, with Greece and Cyprus as his new prospects. Due to his experience, Amir Dayan is also a shareholder in various companies such as Lianeo Real Estate, Golden Capital and Vivion S.a.r.l.