Ad Group-El is an American real estate development company based in Israel. The group controls many subsidiaries including Elad Properties, based in New York City, Elad Florida and El-Ad Canada, based in Toronto, Ontario.
Collectively, the El-Ad Group has many landmarks in North America, including the historic Plaza Hotel, The Grand Madison, and the Metropolitan Soul Insurance Tower in New York City. The El-Ad Group is owned by Yitzhak Tshuva, an Israeli businessman.
In May 2007, Elad Properties bought the New Frontier Hotel and Casino in Las Vegas, Nevada for $ 1.2 billion.
Video El-Ad Group
Subsidiaries
Middle East
ElAd Group, run by CEO Amos Kol, focuses on IT, one of the companies in the Israeli IT market since 1982. Elad Hotels Ltd. in control of the hotel chain Sheraton Moriah Israel 6-hotel.
North America
Elad Properties is a real estate developer based in New York City, with extensive holdings in the United States, notably New York City. The flagship property of Elad Properties, New York, is the Plaza Hotel in Central Park South, purchased by the affiliate ElAd CPS One LLC, and reopened March 1, 2008. ElAd Properties is run by CEO Udi Erez.
Founded in 2004 to spearhead the expansion to the southeast, El Ad National Properties began as an affiliate between El Ad Group Florida and El Ad Group Canada, and today runs properties in ten states with a focus in the south, Midwest and northeastern United States. 55% of Elad National Properties' portfolio is rental. Through a joint venture, El Ad National Properties controls Element National Management, a property management company.
In 2007, the company expanded its holdings in Los Angeles, buying land between Beverly Hills and Westwood as part of a $ 330 million development deal.
Miki Naftali, former CEO, launches and guides Elad's successful operations in Elad and expansions across the country and around the world. The highlight of Elad's portfolio is the Plaza Hotel New York. The multilevel headquarters has undergone a renovation of $ 450 million. Elad will also expand its Plaza brand to cities around the world, including Boston, Los Angeles, Paris, London, Tokyo, and Shanghai. Naftali is developing the latest high-rise condominiums in the Wilshire Corridor in Los Angeles and is planning a luxury building in New York City designed by Daniel Libeskind. He led Elad to Singapore by creating a large residential, commercial, retail and hotel complex designed by Sir Norman Foster. Naftali also oversees Elad's activities in other major North American markets. Elad Canada's residential and commercial development is primarily located in the areas of Montreal, Toronto and Ottawa, and covers more than 12,000 housing units, many in exciting newly created environments, and over 6,000,000 square feet (560,000 m 2 ) commercial, retail and industrial space. Elad National has a growing presence in Florida, Texas, Maryland, North Carolina, South Carolina, Georgia, Michigan, Illinois, Indiana and Massachusetts. Far East
ElAd Group runs several joint ventures with local companies in India and Singapore. In 2007, Elad Far East was established through a partnership deal with Zeg China Investment.
Maps El-Ad Group
Controversy
The purchase of Elad New York City Plaza Hotel caused a major controversy in 2004. But since the hotel was prepared for opening on March 1, 2008, The New York Times observed, Tshuva and Peter Ward, president of New Union hotel workers York, has reconciled their differences: "This is a major change from early 2005, when Mr. Ward vowed to block Mr. Tshuva's plan to turn most hotels into luxury condominiums and reconfigure some of Edward's public spaces into upscale shops, a move he believes will force union members out of work ".
On May 15, 2007, the company announced plans to purchase the New Frontier Hotel and Casino on the Las Vegas Strip in Las Vegas, Nevada, with plans to undermine the current structure and build a new resort to be branded as Las Vegas Plaza. It was sold for a record $ 33 million per acre.
In August 2007, Elad Properties faced a lawsuit between him and Plaza Hotel & amp; The owner of the casino, Tamares Group.
Holdings
- Plaza Hotel
- O'Neill Building
- The Grand Madison
- 21 Astor Place
- REIT Link
- Hotel and Casino New Frontier
- Metropolitan Life Insurance Company Tower
References
External links
- NYTimes Articles
- NY Daily News link
- At the Plaza Hotel in NYC
- The Forward: Israel in NY real estate; link with Lev Leviev
- Gabrielle Brikner, "Middle East Investor Purchases to New York" The New York Sun, July 12, 2007
Source of the article : Wikipedia
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