Constructing a resort is an costly enterprise, however earlier than you construct you want a high-quality location. Pai Siam (TASE: PIES), managed by Shlomo Dakokey, has notified buyers of an up to date valuation of the King Solomon Resort undertaking that it plans for Jerusalem. For the needs of its third quarter financials, the corporate has acquired a valuation of the leasing rights of the undertaking of NIS 286 million, up from NIS 98.8 million on the finish of the primary half of the yr. The leap of 189% inside a single quarter stems, the corporate says, from progress in planning of the undertaking, with approval by the Jerusalem Planning Constructing Committee’s of the City Constructing Plan that can apply to it, together with the expanded constructing rights that the corporate requested.
Pai Siam’s share value has climbed 10% in October, however at this morning’s opening it was nonetheless down 4% for the yr thus far. The corporate’s market cap is over NIS 700 million.
The luxurious resort shall be on eleven flooring above floor, with eight flooring beneath floor. The situation is the nook of Koresh Avenue and Shlomo Hamelech (King Solomon) Avenue in central Jerusalem, a brief stroll from the Previous Metropolis’s Jaffa Gate.
The appraiser’s report hooked up to the notification, by Z.C. Researches and Surveys and signed by appraiser Erez Cohen, reveals the historical past of the land on which the resort shall be constructed. It seems that till 1990, the homeowners of the rights on the land have been “bearers of Iranian passports” whose names weren’t disclosed. They bought the land to an organization known as Parishta, which in flip bought it to Pai Siam in Could 2022.
The deliberate resort is graded A within the Ministry of Tourism’s grading system. The appraiser treats it as a five-star resort, and states that Pai Siam is in talks with resort administration corporations in Israel and abroad. The resort will comprise 209 rooms, plus twelve 60 sq. meter suites.
The appraiser tried to estimate what the value of a room within the new resort shall be. On the premise of a survey of luxurious resort room costs in Jerusalem on Reserving.com that included the Mamilla, David Citadel, Orient, Inbal, Waldorf Astoria, and King David accommodations, for a room and breakfast, he discovered that for this December the value (together with VAT) is NIS 2,443 on the David Citadel, NIS 1,167 on the Orient, and NIS 2,443 on the Waldorf Astoria. The very best priced resort within the survey is the King David, the place a room prices NIS 2,611. The appraiser assumes a variety of NIS 2,350-2,550 an evening for the brand new resort, at an occupancy fee of 65-70%.
Printed by Globes, Israel enterprise information – en.globes.co.il – on October 30, 2025.
© Copyright of Globes Writer Itonut (1983) Ltd., 2025.
