Israel Canada Hotel group has acquired Brown Hotels for £25 million.
Israeli hotel firm Brown Hotels filed a debt settlement proposal in court which will see Israel Canada purchase Brown Hotels’ business operations in Israel comprising ten hotels as well as the chain’s eight hotels in Greece
As part of the deal, Israel Canada Hotels will pay NIS 38.5 million – around £8.6million - in cash and assume an additional debt of around NIS74 – around £16.6 million - to cover Brown’s financial obligations to various institutions.
Prior to the transaction, Israel Canada’s portfolio comprised 15 hotels. The deal adds around 3,600 rooms to its inventory.