AMPAL-AMERICAN ISRAEL CORPORATION ANNOUNCES MORIAH HOTELS - RADISSON AGREEMENT.NEW YORK--(BUSINESS WIRE)--Dec. 15, 1995--Ampal-American Israel Israel, in the Bible Israel (ĭz`rēəl, ĭz`rāəl) [as understood by Hebrews,=he strives with God], according to the book of Genesis, name given to Jacob as eponymous ancestor of the Hebrews, the chosen people of God. Corporation announced today that its 46%-owned affiliate, Moriah Moriah (mōrī`ə), in the Bible, land in which the mountain where Abraham was to sacrifice Isaac was located. It has been identified by some with Mt. Moriah. Moriah site intended for Abraham’s offering up of Isaac. [O. Hotels Ltd., had entered into a strategic agreement with Radisson SAS (1) (SAS Institute Inc., Cary, NC, www.sas.com) A software company that specializes in data warehousing and decision support software based on the SAS System. Founded in 1976, SAS is one of the world's largest privately held software companies. See SAS System. , the international hotel chain, pursuant to which Moriah has been granted a 30-year fran- chise in Israel. Moriah s eight hotels in Israel with a total of 1,872 rooms, will be renamed to include the Radisson name. The agreement also grants Moriah the right to operate hotels in Jordan under the name Radisson Moriah. Moriah believes its inclusion in the Radisson international network will substantically strenghten its marketing efforts. Moriah s hotels are located in all the key areas of Israel and include ho- tels in Tel Aviv Tel Aviv (tĕl əvēv`), city (1994 pop. 355,200), W central Israel, on the Mediterranean Sea. Oficially named Tel Aviv–Jaffa, it is Israel's commercial, financial, communications, and cultural center and the core of its largest , Jerusalem, Tiberias, Eilat, Zichron Yaacov, Naza- reth and two locations in the Dead Sea resort area. The Moriah hotel in Tel Aviv is currently undergoing an $11 million renova- tion. Ampal and its subsidiaries acquire interests in businesses located in the state of Israel or that are Israel-related. An important objective of Ampal is to make investments in companies which take advantage of growth in Israel s domestic economy. Ampal and its subsidiaries have diversified diversified (di·verˑ·s interests in the following sectors: hotels and leisure-time, real estate, energy distribution, basic industry, high technology and communications, as well as others. CONTACT: Ampal-American Israel Corp. Lawrence Lefkowitz, 212/782-2100 |
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