Brown Hotels asks court to approve sale to Israel Canada

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In the court request Brown Hotels said that Israel Canada has committed to buy the business operations of eight of its hotels and its brand.

Brown Hotels has filed a request to the court to approve its sale to Israel Canada (TASE: ISCN). In the request Brown Hotels said that Israel Canada has committed to buy the business operations of eight of its hotels and its brand.

In September, Israel Canada, controlled by Barak Rosen and Asi Touchmair signed two non-binding memorandums of understanding (MoUs) to acquire the activities of Brown Hotels in Israel and Greece. At the same time talks were held to merge Israel Canada's hotel activities into the DNA Group stock market shell, which is also controlled by Rosen and Touchmair.

Israel Canada Hotels, in which Israel Canada has a 68% stake, signed the MoUs to buy the Brown brand from Nir Waizman, Leon Avigad, Nitzan Perry and Hachshara Insurance.

In the first of the MoUs, Israel Canada Hotels agreed to buy Brown Hotels activities in Greece for no payment and take on the 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

Assaf Pinchuk