Brown Hotels said in the court filing that Israel and Canada have committed to purchasing the business operations of eight of its hotels and brands.
Brown Hotels has applied to the court to approve its sale to Israel Canada (TASE: ISCN). Brown Hotels said in the application that Israel and Canada have committed to purchasing the business operations of eight of its hotels and brands.
In September, Israel Canada, controlled by Barak Rosen and Asi Tachmeyer, signed two non-binding memorandums of understanding to acquire Brown Hotels’ activities in Israel and Greece. At the same time, talks were held to integrate the Israeli-Canadian hotel activities into the stock market of DNA Group, which is also controlled by Rosen and Touchmair.
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Israel Canada Hotels, in which Israel Canada holds a 68% stake, has signed memorandums of understanding to purchase the Braun brand from Nir Weizman, Leon Avigad, Nitzan Peri and Hachshara Insurance.
In the first MOU, Israel Canada Hotels agreed to acquire Brown Hotels’ activities in Greece without payment and to obtain lease agreements for eight hotels in Israel with 1,067 rooms.
Published by Globes, Israel Business News – en.globes.co.il – on December 16, 2024
© Copyright Globes Publisher Itonut (1983) Ltd., 2024
Tudor by Brown Hotels Credit: Assaf Pinchuk
Nitzan Shafir and Yuval Nissany
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