Salem Radio Network News Tuesday, January 25, 2022

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The Media Line: Amid Construction Boom, Israel’s Hotel Sector Optimistic About 2022 (Video) 

Amid Construction Boom, Israel’s Hotel Sector Optimistic About 2022 (With Video) 

Isrotel hotel chain to invest $1 billion in new construction, as industry hopes for springtime recovery 

By Maya Margit/The Media Line 

After two years of low occupancy rates due to the pandemic, industry leaders in Israel’s hotel sector are optimistic that the coming year will bring about a reversal of fortune. 

Hotel construction is at a five-year high, the Real Estate Appraisers Association in Israel revealed earlier this week in a report based on data taken from the country’s Central Bureau of Statistics. According to the report, in the first three quarters of 2021 hotel construction began on roughly 1.5 million square feet of real estate, compared to 505,000 square feet a year earlier. 

The majority of the new construction is taking place in Tel Aviv, famed for its beaches, nightlife and sunny weather. Hotels in the coastal city, heavily reliant on incoming tourism, have been among the hardest hit by COVID-19 travel restrictions. 

Despite these hardships, Nahum Kara, director of sales and marketing at the Isrotel hotel chain, believes that tourists will return in even greater numbers than pre-pandemic times in the coming year, especially given that Israel has reopened its borders once more.

Video:

https://www.youtube.com/watch?v=DkB1LGeppSI
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