JTLV3 buys Mandarin Hotel land in Tel Aviv

JTLV3 Fund, headed by Amir Biram, Ariel Rotter and Shlomo Gutman has recently acquired the car park and commercial land adjacent to the Mandarin Hotel in north Tel Aviv for NIS 190 million plus VAT, a source close to the deal has informed “Globes.” The land is zoned for the construction of hotels and commercial space.

The Mandarin Hotel is in the far north of Tel Aviv, west of the Glilot Interchange. The hotel was built in the 1980s and was managed by private businesspeople but after encountering financial difficulties in 1989 was bought by Azorim, and the residential apartments in the hotel were marketed as hotel apartments. The building has 226 apartments owned privately, subject to leasing agreements.

In 2007, the land by the hotel hotel was bought by Sea Mall Ltd. owned by Adv. Eitan Kunda and partners for $5 million. The company also owns more than 50% of the building including 3,000 square meters of commercial space in the hotel and 50 housing units as well as part of the land on which the hotel is built, covering 10.9 dunams (2.725 acres). This land includes the car park.to the south of the building.

Sources have told “Globes” that according to the agreement between the parties Sea Mall has sold the commercial area of the building and the car park to JTLV3 Fund while it will continue to own the apartment units that it possesses.

According to the masterplan, there are rights to build tens of thousands of square meters of hotel space on the land and thousands of square meters of commercial space.

Adv. Eitan Kunda has confirmed the story. He told “Globes, “We have owned the p[roperty for 15 years,” he said, “and we have reached a stage where we need to take it forward to places that we felt that we couldn’t take it. I think that the buyers are worthy of doing that.”

JTLV declined to comment.

Published by Globes, Israel business news – en.globes.co.il – on June 26, 2022.

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