NEW YORK (Sep. 8)
PEC Israel Economic Corporation, New York, has invested $500, 000 in the Dan Hotels, the only major hotel chain in Israel, it was announced today by John Furman, PEC’s president. The investment in debentures carries with it an option to acquire 10 percent of the equity in the Dan Hotels Corporation.
The Dan chain comprises the Dan Hotel, Tel Aviv; the Dan Carmel, Haifa; King David Hotel, Jerusalem; and Accadia Grand Hotel, Herzlia, with an aggregate of approximately 1, 000 luxury rooms in addition to banqueting and convention halls. Mr. Furman stated that the acquisition is in line with PEC’s policy of increasing its investments in Israel’s rapidly growing tourist industry, which has become a most important foreign currency earner for that country.