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, well known for its high standards and unmatched management abilities. The company has an extensive and diverse income-producing property portfolio in Israel and in Europe that includes major offices 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 the most recognizable buildings in Israel, such as the Mamilla Hotel, David Citadel Hotel, and the Alrov Mamilla Project, which connects the Old City with the New City in Jerusalem. As well in Tel Aviv the Alrov office tower on Rothschild Boulevard, the prestigious Tzameret Towers on Pinkas Street and the famous Opera Tower.
Overseas Expansion Strategy
In recent years, the company diversified its real estate projects by investing abroad, mainly in Switzerland, in income-producing properties financed through equity and non-recourse loans to the borrower.
In recent years, the Group has also developed hotel activities in major cities in Europe: London, Amsterdam, and Paris. Alrov’s strategy is to increase overseas investments to develop more luxury hotels in major cities in Europe as well as in New York, where there is strong tourist 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 includes 184 rooms and suites. From April 2014 the hotel was closed for renovation, which began July 2014, in order to keep the high standards that reflect the rest of the hotels in the collection. Hotel Lutetia, reopened in stages beginning July 2018.
In the upcoming 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 2003-2017, at an average rate of approximately 10% per year.
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