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Red Sea Group, headed by Eli Papouchado, the most influential Israeli Hotelier today in the UK, has signed an agreement to acquire the Hercules building, located in the heart of London, for 130 million NIS. (About $ 37 million).
The transaction was performed by PPHE Hotels, the hotels limb of the Red Sea Group , operating the hotel chain under the brand “Park Plaza”.
The Hercules 10 floor office building, with one basement floor, totaling 12.5 thousand square meters, built on a plot area 4 acres. The building is located in the prestigious Westminster area, near Big Ben and other network hotels.
The company said that it intends to fund the acquisition through bank financing and own resources, and to convert the building considering to convert the Hercules building to an hotel.
For the time being, the building is fully leased to local government offices, but the rental period is about to expire in late September 2013.
Boris Ivesha, President and CEO of PPHE Hotels, accompanying Mr. Papou Red Sea Groupchado for many years as a consultant, and chairman and CEO, PPHE, related to the transaction: “We most pleased with the last acquisition in central London and the unique opportunity it grants the Red Sea group. In recent years, the group business investments in London have marked significant successes, and the current acquisition is an excellent contribution to our property portfolio in the UK “.