Some 5,000 new hotel rooms will be built in Israel within five years as part of a new plan to expand existing hotels, the Israel Hotel Association (IHA) said Tuesday.According to the IHA, the plan’s implementation will add 410,000 tourists a year and 12,500 jobs, as well as a profit of NIS 28 billion (about $8 billion) to the gross domestic product in one decade.
The plan aims to deal with the hotel room shortage in Israel and takes into account the small number of building starts in the country. According to the IHA’s inquiry, the reasons for this situation are a high risk level and non-profitability alongside expensive land prices and a shortage of available land.
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