Six years after Azrieli Group (TASE: AZRG) acquired the Mount Zion Hotel in Jerusalem for NIS 275 million, the company has decided that it will be managed by the prestigious European Kempinski hotel chain, a source familiar with the matter has told “Globes.”
Azrieli bought the hotel in December 2019 from Shlomo Eliahu, owner of the Migdal insurance and financial group. The hotel has 120 rooms and 20 luxury suites and is slated to be enlarged to 350 rooms. According to Azrieli’s financial report for the first half of 2025, investment in the hotel, not including land, amounts to NIS 710-740 million, higher than the initial estimate of NIS 500-600 million.
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Initially, Azrieli had planned to operate the hotel itself but it has now decided to hand the reins over to Kempinski, a hotel chain established 128 years ago, which operates 80 hotels in 35 countries. The hotel is planned to open in 2028.
The Kempinski hotel chain first entered Israel in March 2022 in partnership with Henry Taic’s Nahal Group to open thre King David Kempinski on Tel Aviv seafront, which is considered the country’s most expensive hotel.
No response has been forthcoming from Azrieli Group.
Published by Globes, Israel business news – en.globes.co.il – on September 30, 2025.
© Copyright of Globes Publisher Itonut (1983) Ltd., 2025.
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