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Tuesday, January 27, 2015
Israel Lands Administration to publish tender for 580 hotel rooms overlooking the Mount of Olives

THE JERUSALEM HOTEL RIDGE COMPOUND GETS UNDERWAY

Israel Ministry of Tourism
www.goisrael.com www.holyland-pilgrimage.org

Tourism Ministry Director-General Amir Halevi: "After years of work to
increase the hotel room supply in Jerusalem, the hotel compound that will
give a tourism boost to the most popular tourism city in Israel finally gets
underway. In recent years, the Investment Administration in the Tourism
Ministry has given grants worth millions of shekels to entrepreneurs
interested in building hotels - including about NIS50 million to the Waldorf
Astoria for the first entry of this international chain into Jerusalem."

Director of the Jerusalem commercial division in the Israel Lands
Administration Ohad Eini: "This compound is one of the largest land reserves
in the city and the aim is to offer solutions to the lack of hotel
accommodation in the city that is a magnet for incoming tourism."

Tourism Director, Jerusalem Development Authority Ilanit Melchior: "The
hotel ridge compound is indeed good news for the tourism industry in
Jerusalem, with the addition of 1,330 rooms to the broad range of
accommodation options that the city offers tourists. The hotel ridge
compound is in the prime tourist area and I believe that the hotels that
will be built there will offer a unique experience to their guests."

Jerusalem - January 26, 2015: An Israel Lands Administration tender for the
construction of 580 hotel rooms at the Jerusalem Ridge compound will be
published in the coming days. The compound is located in the "holy basin",
overlooking the Mount of Olives. The tender is the first stage in the
compound project, that will include in total 1,330 rooms.

The Israel Lands Administration, in cooperation with the Tourism Ministry
and its executive arm, the Israel Government Tourist Corporation (IGTC),
promoted the project. Development work will be paid by the Israel Lands
Administration (in addition to the payment of fees to the Jerusalem
Municipality and the Gihon company) and will be carried out by the Tourism
Ministry via IGTC.

The entire building area measures about 129,000 square meters, with the
majority of the area taken up by hotels and only a small area by stores and
parking. The published tender includes three plots, divided into two
compounds. The first plot is designed for a 7 storey hotel with another two
underground storeys and 180 rooms and a commercial area; the second compound
has two lots designed for the construction of a 400 room hotel and a
commercial area in 8 storeys with two underground storeys. The remaining
areas will be marketed at a later date.

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