SOLD: Waldorf in Yerushalayim Sold For $130 Million

8

The Reichman family has sold the Waldorf Hotel in Yerushalayim for $130 million to frum businessman Shuki Sharon.

According to sources, the initial asking price was $160 million. The hotel was put up for sale six months ago. The price was ultimately negotiated down to $130 million.

Reportedly, the agreement between the Reichman family and Hilton which operates the hotel was done in such a fashion that made it difficult for the hotel to turn a profit. The cancellation of the agreement involves $10 million.

The hotel is considered one of the most sought-after hotels in Israel. It operates on a very high level and is the destination of choice for many religious travelers who appreciate its fine qualities, personal attention, and the way religious needs are tended to and observed by the hotel.

The hotel contains 230 rooms, and was the Conde Nast 2016 Best Hotel in the Middle East and a 2016 TripAdvisor Certificate of Excellence Award recipient.

{Matzav.com Israel News Bureau}

8 COMMENTS

  1. I bet half the rooms were purchased with points!! I don’t know how much money they get from Hilton for the points, but it sure ain’t the same as if it were purchased with cash.

  2. I don’t understand. If it’s difficult to “turn a profit”, why would anyone want to buy it? Stam to spend $130,000,000.00 on a hotel just to lose money??? How can I get ahold of this Shuki Sharon? I have a bridge in Brooklyn I want to sell him. It’s now going for a reduced rate.

  3. The hotel was probably making money but the problem was that Reichman doesn’t know how to run a hotel (he knows how to buy expensive property and build a nice building on it), so he got Hilton to run it for him. The agreement they had together probably left him with very little money at the end of the day, if anything, and he wasn’t making money back fast enough…The guy who owns it now will run it without the help of the Hilton and will hopefully make money…

    • You have great imagination.. but what youre saying is just imagination..The Reichmans ran this hotel; thats what they do. They ran this hotel amazingly. Whoever has been at this hotel knows and has felt that its a cut above the rest.
      There might be info that wasnt shared with the public.

  4. And all you YENTES, already know who is making money and how much , so Rebbitzin, get a life and look at yourself first

  5. I don’t care who makes the money. But can they give me 2 free nights .it will be nice to get out a bit. If yes please get my contact information from matzav.com. thanx in adv
    ance.
    P.s. I would also appreciate free meals in the restaurant.

LEAVE A REPLY

Please enter your comment!
Please enter your name here