Elbit Imaging Ltd. (Nasdaq: EMITF; TASE: EMIT) today sold its holdings in three London hotels for ₤21 million to its partner in them, Park Plaza Hotels Ltd. (AIM:PPH). The deal comes a day after it bought seven shopping centers in the US.
Elbit Imaging, controlled by chairman Mordechai Zisser owned 45% of the Park Plaza Riverbank Hotel and the Park Plaza Sherlock Holmes Hotel and 50% of the Park Plaza Victoria Hotel. Park Plaza, controlled by chairman Eli Papouchado, manages the hotels. Park Plaza will also assume Elbit Imaging's ₤11.9 million guarantees to Aareal Bank AG.
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