The Isrotel Hotel chain and the White City Buildings construction company signed a 50/50 agreement on the acquisition of the legendary building at 99 Dizengoff Street.
Dizengoff 99 is a famous building in Israeli folklore because of the 1979 cult movie of the same name.
As part of the process, which is expected to be completed within three years, complex engineering activities will be carried out to construct underground areas for the hotel, which is expected to be particularly innovative. Isrotel said that the establishment of the hotel is in line with the wishes of the Tel Aviv municipality, which is interested in the growth of Class C hotels that enable the occupancy of dozens to hundreds of rooms in a small and medium size. The hotel chain will rent the hotel, which will be constructed and operated for a period of 24 years and 11 months.