Ritz-Carlton Herzliya sells six vacation units for NIS 30 million

The Ritz-Carlton Herzliya sold six vacation apartments over the past month for NIS 30 million, its developers said Monday. The apartments sold include a 101-sqare-meter unit with a balcony on the eighth floor for NIS 8.1m. to a US businessman who already owns another apartment in the project. A 65-sq.-m. unit on the seventh floor has been sold to a Russian businessman, the developers said. The average price for the apartments was about NIS 70,000 per sq.m. The units are vacation apartments, with the owners entitled to reside in them up to a maximum of 180 days per year. When the owners are not in residence, the units are marketed as regular hotel suites by the Ritz-Carlton hotel chain. The Ritz-Carlton Herzliya has 12 floors with 115 rooms on the first six floors and an additional 82 vacation apartments on the top six floors. The vacation apartments for sale start at NIS 3m. and range from 50 sq.m. to 180 sq.m. Most of the buyers in the project are Jews from the US, Belgium, Switzerland, UK, Russia, Brazil, Mexico, Venezuela and South Africa. A few of the buyers are Israeli investors who live in there on weekends and enjoy an income from leasing out their unit as a hotel room. Some of the guests who recently stayed in the units include Apple CEO Tim Cook, singer Justin Timberlake and actors Michael Douglas, Catherine Zeta-Jones and Jessica Biel, Ritz-Carlton said. The Ritz Carlton Herzliya was built by the Tidhar Group, headed by Gil Geva, Arye Bachar and Mark Weissman, and Adis Investments, headed by Adi Strauss and Irit Strauss.