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Hotel for sale in the old city - ₪10000000 (Jerusalem)

12

condition: like new

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THE PROPERTY
The property is a three-storey independent property in the heart of the Old City of Jerusalem,
three minutes walking distance from the Jaffa Gate.
Its location, style and unique view on all historic sites make it a unique property.
The building has been fully renovated by a French architect with materials of the highest
quality (see pictures below).
Total living area is about 205 m2 / 2200 sq ft. There are 8 rooms, one private rooftop and one
additional rooftop shared with two neighbours.
FIGURES
Selling price:
● ₪10 million ( ~ $2.8 million)
Profitability:
● If run as an hotel: 8-10% (gross: income less operating and management expenses)
● If rented to an hotel manager: 4-6%
NB: The buyer needs to add a certain % of Ma’aM (taxes), which are recoverables just after the
deal.
OPTIONS
Non-exhaustive list of how the buyer can use the property:
1. he can keep on renting the building to the hotel manager (4-6%, rent price can be
increased by 10% y-o-y);
2. he can take care of the hotel management: 8-10% profitability, after paying all the
charges and salaries;
3. he can privatise the hotel when he wants to (jewish holidays, vacations) and delegate
the hotel management the rest of the year;
4. he can sell the rooms at specific times (timesharing format) and delegate the hotel
management the rest of the year;
NB: the current hotel management agreement can be broken with a four-month period notice.
  • do NOT contact me with unsolicited services or offers

post id: 6944097516

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