Holiday Inns Sign Agreement to Build 500-room Hotels in Jerusalem and Tel Aviv

Holiday Inns, a major American operator of motels and hotels, has signed an agreement to build and operate two 500-room hotels in Israel, it was announced here yesterday. The hotels, to be located at Jerusalem and Tel Aviv, will represent an investment of $20 million of which Holiday Inns will provide one-half, with the balance covered by Government loans.

The announcement was made by Victor Carter, chairman of the American regional committee of the Council for Israel’s Economic Development, which had an all-day meeting here. Mr. Carter disclosed that since the inception of the Council in September, 1967, it has brought 100 projects to completion with new investments of $107.8 million. An additional 73 projects are now “in the pipeline,” he said. Involved in these new projects, he said, were 15 major United States industrial corporations.

About 280 American Jewish industrialists and financiers attended the all-day meetings at the St. Regis Sheraton. Major emphasis in 10 committee sessions was placed on new projects and on increasing Israeli exports to this country. The conference was told that Israeli exports to this country in the first five months of 1969 were 28 percent higher than for the similar period of 1968.

(In Jerusalem, the Ministry of Development disclosed that it is negotiating with various groups for the construction of 10 new hotels at Israel’s Red Sea port of Eilat that will provide about 1,000 rooms at that popular winter resort. The Ministry said it would provide more than half of the construction costs in the forms of loans and grants.)

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