Alrov Properties and Lodgings Ltd.
Real Estate Development, Income-Producing Properties and Hotels, Luxury Projects Operator
About Alrov Properties and Lodgings Ltd.
Alrov Properties and Lodgings Ltd. is a leading real estate development company, investing in and operating hotels and luxury projects, known for its high standards and its unmatched management abilities. The company has an extensive and diverse income-producing property portfolio in Israel and in Europe that includes major office and commercial buildings, shopping centers and luxury hotels. Alrov is also engaged in luxury residential construction and sales.
Established in 1978 by Alfred Akirov and Family, the group has been traded on the Tel Aviv Stock Exchange since 1983.
Over the years, Alrov has developed some of Israel’s landmark buildings, such as the complete Alrov Mamilla Project linking Jerusalem’s Old City with the New City, as well as The David Citadel Hotel, The Mamilla Hotel, and Alrov Office Tower in Tel Aviv. Furthermore, the group has developed the known Opera Tower and the luxury Alrov Residential Towers, both in Tel Aviv.
Overseas Expansion Strategy
In recent years, the company has diversified its real estate endeavors by investing overseas, mainly in Switzerland, in income-producing properties financed by equity capital and non-recourse loans.
In addition, in the last few years, the group developed hotels activities in Europe.
Alrov’s strategy is to increase its activities abroad and, among other things, develop luxury hotels in major cities in Europe and NYC, where there is a robust tourism demand.
Alrov has built 140,000 sq.m. of shopping and entertainment avenue, residential apartments and 2 luxury hotels. Alrov Mamilla is the largest construction project in Jerusalem.
Alrov Tower: 22-floor office building on Rothschild Boulevard, Tel Aviv.
The Asia House: 5-floor office building on Weizmann Street, Tel Aviv. The building is in the process of licensing and planning additional floors.
Opera Tower: Sold during the fourth quarter of 2011.
Top Center: A commercial mall located in Ashdod. It was sold in the first quarter of 2016.
Nofei Hasharon: An assisted living project for the elderly in Netanya.
Alrov’s Switzerland-based main overseas subsidiary, Epic Suisse AG, manages the company’s real estate portfolio in Switzerland which will undergo a major expansion in the coming few years. In addition, the company owns income-producing real-estate in England and in France.
France: 8 office buildings and 65% of a ninth building.
Switzerland: 9 shopping centers, 9 office buildings, 2 distribution centers, an industrial center and income-producing asset currently under construction.
England: 4 commercial units located next to Café Royal hotel and 2 office buildings.
Alrov Towers: Three 34-floor luxury residential towers in North Tel Aviv built by the group.
The David Citadel Hotel: A 5-star luxury hotel with 385 suites and rooms in Jerusalem, overlooking the Old City walls.
Mamilla Hotel: Located alongside Alrov Mamilla Avenue, a luxury 5-star lifestyle hotel, featuring 194 suites and rooms.
Conservatorium Hotel: Located in Amsterdam, a luxury 5-star lifestyle hotel with 130 rooms and suites with 650 sq.m. of high-end retail space.
Café Royal Hotel: Located in London on Regent Street, a luxury 5-star lifestyle hotel with 160 rooms and suites and 1300 sq.m of high-end retail space.
Hotel Lutetia: Located in Paris, a luxury 5-star hotel in the exclusive St. Germain area and one of only six palaces that today serve as luxury hotels in Paris. The hotel’s 21,250 area meters include 231 rooms and suites. From April 2014 the hotel is closed for renovation, renovations began July 2014, in order to keep the high standards that reflect the rest of the hotels in the Collection. Currently, the renovation is coming to an end, and the hotel is in the process of reopening.
In the next years, Alrov plans to further expand its luxury hotel collection.
Objectives, Business Strategy and Expected Development in the Coming Years
The Group’s revenues from rent and the operating of hotels increased, between 2003-2015, at an average rate of approximately 10% per year.