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Chicago Group Announces Plan for Construction of Hotel in Tel Aviv

Plans for the construction of Israel’s largest hotel, in Tel Aviv, were unfolded here today by a group of Chicago businessmen. The group has formed the Hotel Corporation of Israel, to build the Hotel Tel Aviv in Israel’s largest city, according to Martin N. Sandler, corporation president.

Mr. Sandler said the corporation is to be financed with 66,500 shares of common stock and $1,910,000 in principal amount of five and one-half percent subordinated debentures, of which 39,000 shares and $1,560,000 in debentures are being offered to the public. The public offering will be made in units, each unit consisting of 30 shares of stock and $1,200 may be paid in certain State of Israel bonds, with the remainder payable in United States dollars.