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U.S. Investors Will Finance Half of New 16-story Hilton Hotel in Jerusalem

A 16-story 400-room Hilton Hotel will rise in Jerusalem in 30 months. Minister of Tourism and Development Moshe Kol announced here today. Mr. Kol signed a contract with a group of American investors who will supply half of the $12.5 million needed to build the hotel. The balance will be supplied by an Israel Government loan. The lands authority of the Tourism Ministry has provided five-and-a-half acres in the heart of Jerusalem to the investors. The hotel will be located between the Knesset building and the Convention Center. The Americans who attended the contract signing were Abraham Feinberg, Philip M. Klutznick, Sol Kitay and Lester Crown. Hilton International will manage the hotel as it does the 20-story Tel Aviv Hilton which opened in 1965.

In another business development, a half-million dollar plant to turn out high quality leather handbags will be established by a group of 37 French businessmen in a new development area of Israel. According to the October issue of the France-Israel Chamber of Commerce journal, the French investors will supply capital in the amount of $270,000 toward construction of the plant and will provide the technical know-how.

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