Posted 8/16/2012 - 10:48:47 AM
JERUSALEM—Kevin Bermeister and a group of private investors have purchased the Leonardo Inn Hotel Jerusalem for $17.5 million.
Bermeister and his partners purchased the shares of Kedem Hotel Jerusalem Ltd., the owner of the hotel in an all-cash transaction.
The Leonardo Inn Jerusalem was previously managed by Fattal Hotels, the operator of several Leonardo hotels.
Bermeister and his partners currently are exploring opportunities for future development and expansion of the hotel to create more rooms for tourists and visitors.
“This transaction represents our first completed investment in the tourism development sector of Jerusalem and we expect to make multiple future investments in this sector, either directly or through a specialized investment fund,” Bermeister said.
The property features 185 rooms, a spa and health club with a sauna, a Jacuzzi and both outdoor and indoor swimming pools.