National CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
RFR Sells Jaffa Hotel for Record US$1M Per Key
New York-based RFR closed the sale of The Jaffa, a 120-room luxury hotel located in its namesake neighborhood of Tel Aviv, the Jaffa waterfront district. The buyer was not disclosed.
The sale price was $123 million, approximately $1 million per key, reportedly a record price for a hotel in Israel. Developed by RFR, The Jaffa has been credited with contributing to the transformation of the Jaffa neighborhood into a sought-after tourist locale.
“The Jaffa has been a uniquely personal experience and accomplishment for me as the developer,” said RFR co-founder and principal Aby Rosen. “Through a lengthy, complex design and development process that brought together an outstanding professional team, we created a property that responds perfectly to its surroundings, respecting the long and fascinating history of Jaffa while providing visitors and residence owners with a unique luxury lifestyle experience.”
RFR acquired the site in 2006 and developed the property with a team including architect John Pawson and preservation architect Ramy Gill.
- ◦Sale/Acquisition
