Isrotel is making significant strides in its international expansion efforts

Posted on Dec 7, 2023 by Ifi Reporter

Isrotel, the prominent Israeli hotel chain under the Lewis family's control and managed by Lior Raviv, is making significant strides in its international expansion efforts. The company has successfully acquired 50% ownership in three hotels in Athens, including one with two separate wings, and an additional hotel in Thessaloniki boasting 625 rooms. The total purchase price for these acquisitions amounts to 32 million euros (NIS 126 million), financed from Isrotel's internal funds. The identity of the sellers remains undisclosed, with half of the purchase price set to be transferred to them, while the remaining funds will replace existing owner loans for the properties.

These Greek hotels, operating under a new brand yet to be disclosed, will mark Isrotel's entry into the international market, focusing on the medium-priced range to cater to a broader demographic of tourists. Currently operating exclusively in Israel with 23 hotels and approximately 4,900 rooms, Isrotel's move abroad is seen as a strategic measure to diversify risks and tap into opportunities beyond the confines of the Israeli tourism industry.

Isrotel's expansion strategy began last year with the acquisition of two hotels in Rome—White City and Phoenix—costing 77 million euros and 47 million euros, respectively. These Roman properties, set to open in early 2025 after renovations, will operate in the luxury category, in contrast to the more moderately priced hotels in Greece.

The push into the Greek market is not unique to Isrotel, as other Israeli companies have also set their sights on the country. Fatal, Isrotel's larger competitor in Israel, already operates two hotels in Athens and is constructing an additional five. Similarly, Israel Canada has acquired two hotels in Athens and one on the island of Paros. Israir, the Israeli airline, recently completed the purchase of a 25% stake in five Greek hotels, managed by the Israeli hotel chain Brown.

The choice of Greece as an expansion destination is influenced by economic factors. The economic and political crises in Greece over the past decade, coupled with the subsequent impact of the COVID-19 pandemic, have rendered hotel real estate relatively inexpensive compared to other European countries. Additionally, the lower cost of living for tourists in Greece enhances its appeal as a destination. In 2022, Greece welcomed approximately 28 million tourists, making it the ninth most visited destination globally. With 30 million tourists recorded by the end of September and expectations to surpass pre-pandemic levels by year-end, Greece's attractiveness for tourism continues to rise. Isrotel's move into the Greek market underscores its commitment to establishing a robust international presence and mitigating risks associated with the Israeli tourism industry's challenges.


Lorem ipsum dolor sit amet, consectetur adipisicing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum


House of Representatives voted in favor of the military aid package to Israel

Apr 20, 2024 by Ifi Reporter

The American House of Representatives voted this evening (Saturday) in favor of transferring the military aid package to Israel, Ukraine and Taiwan, worth 95 billion dollars. Israel's share of the aid package is expected to reach $14 billion, which will be used, among other things, to renew... Continue reading →

United Airlines Cancels Flights to Israel Until May 2 Amid Security Concerns

Apr 19, 2024 by Ifi Reporter

In response to ongoing security concerns, United Airlines has announced the cancellation of its daily flight from Newark to Tel Aviv until May 2. The decision reflects the airline's commitment to prioritizing the safety of its passengers and staff amidst the uncertain security situation.... Continue reading →

Court Orders Release of Hebrew University Lecturer Suspected of Incitement

Apr 19, 2024 by Ifi Reporter

 Professor Nadira Shalhoub-Kiborkian, a lecturer at Hebrew University, has been ordered to be released by the court. Shalhoub-Kiborkian was arrested on suspicion of incitement following her remarks regarding the Hamas attack on October 7 and the subsequent conflict. The Jerusalem... Continue reading →


No testimonials. Click here to add your testimonials.