Hilton and the Reichman family are renovating a historic hotel.
a joint venture Hilton Hotels Corp. and IPC US REIT (TSX:IUR), controlled by Canada's Reichman family, has signed a management agreement to manage Jerusalem's Palace Hotel under the Waldorf Astoria brand. IPC is investing $100 million in renovating the historic building, which will have 220 rooms and suites and 30 residential apartments in an adjacent building.
The Palace Hotel at the corner of King David Street and Agron Street in downtown Jerusalem, was designed by a Turkish architect and built in the 1920s. The Ministry of Industry, Trade and Labor occupied the building for decades. IPC Jerusalem bought the property from the Israel Land Administration (ILA) on the promise of preserving and renovating it. Five floors will be added to the rear side of the building.
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