Israel Canada's hotel company expands to Greece in 10m euro deal

The hotel company Israel Canada controlled by Barak Rosen, Assi Tuchmeyer and Reuven Alex reported that they agreed to buy a hotel in Athens, and plan to purchase additional hotels in the city.

A Greek national flag flutters as people visit a beach, following the coronavirus disease (COVID-19) outbreak, in Athens, Greece, April 28, 2020. (photo credit: GORAN TOMASEVIC/REUTERS)
A Greek national flag flutters as people visit a beach, following the coronavirus disease (COVID-19) outbreak, in Athens, Greece, April 28, 2020.
(photo credit: GORAN TOMASEVIC/REUTERS)

The hotel company of Israel Canada, controlled by Barak Rosen and Assi Tuchmeyer (68%) and Reuven Alex (12%), who also manages the company, reported on September 11 on an agreement to buy a hotel in Athens, and they expect to purchase more hotels in that city. 

The deal is estimated to be worth 10 million euros.

This deal came after the hotel company's strategy, including for international properties, was updated. 

The hotels will operate under the Play brand. For its expansion, the company included Menora Mivtachim Insurance as a financial partner in exchange for an injection of NIS 88 million for 15% of its shares.

Israel Canada Hotels

The company operates various hotels in Israel, including the former Gali Kinneret Hotel (now Lake House Kinneret), the Nofei Gonen Resort, the Hammam Complex and Solei Boutique Hotel in Eilat,  and other hotels in the Dead Sea area and Tel Aviv.

Israeli Embassy, Athens (credit: Wikimedia Commons)Israeli Embassy, Athens (credit: Wikimedia Commons)

The network began to expand shortly before the start of the COVID-19 pandemic. They took advantage of the relatively low prices of the hotels that weathered the lack of tourism during the crisis and bought them at relatively affordable prices. 

The company definitely made excellent deals since hotel room prices have skyrocketed since the pandemic’s end, since everyone wants to go on vacation.