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Israel's Koor Hotels
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5.75%
5.870
INTEREST RATE
(JPFS) —
A.P.Y./*
1611
60 MONTH
CERTIFICATE
6.00%
6.13%
INTEREST RATE
A.P.Y./*
These are fixed rate certificates of deposit that are insured by Federal Deposit
Insurance Corporation (FDIC). A minimum opening deposit and balance of $500.00
is required to obtain the stated Annual Percentage Yield.
filagsher Bank
* At,.
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Main Office 2600 Telegraph Rd. Bloomfield Hills, MI 48302
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EQUAL HOUSING
OPPORTUNITY
In a ma- area. Mr. Cotter said he is excit-
erusalem
jor development in the local ed to be in association with "the
tourism industry, HT Sher- No. 1 company in Israel." He not-
aton International took over ed that Sheraton was the first in-
50 percent of the ownership of ternational hotel chain to come to
Koor Hotels and Resorts, which Israel when it arrived 25 years
presently manages the Paradise ago.
He also promised that the in-
hotel chain.
Neither rrr Sheraton nor Koor ternational company would back
would specify what the former its commitment with further in-
gave the latter in return for the vestments, although he could not
say when such investments would
stake.
The agreement was announced be made or with what magnitude.
Mr. Gaon noted that it has been
at a ceremony in which Robert
Cotter, president of Sheraton Eu- Koor's policy over the past four
rope, and Benny Gaon, director of years to join forces with leading
the Koor conglomerate, signed a international companies.
He said that Koor had set up
memorandum of understanding.
The new jointly owned compa- Koor Hotels and Resorts two years
ny is to be known as Sheraton Is- ago to show its seriousness about
rael, and is to be headed by Raphy entering the field of tourism and
Weiner, director of Koor Hotel and to justify a linkage with an inter-
Resorts, who had previously been national company like Sheraton.
So far, Koor has about $100
general manager of the Jerusalem
million invested in tourism, he
Sheraton Plaza Hotel.
On Jan. 1, four of the five Par- said. Gaon said that the agree-
adise properties, including two ho- ment symbolized Sheraton fly's
tels in Eilat and one each in confidence in the Israeli economy
Jerusalem and Tiberias, are to be- and in Koor.
Mr. Gaon also expressed the
come part of Sheraton ITP's new
Four Points chain, which will be hope that the link with rrr Sher-
a network of moderately priced aton would forge a connection be-
tween Koor and ITT Sheraton's
hotels.
When it is completed, the parent company, ITT, especially
Herod's Hotel in Eilat, for which in the capital market.
One of the main attractions of
Koor has a management agree-
ment, is to become a Sheraton ho- Sheraton, Mr. Cotter said, was its
reservations system, which he de-
tel.
There are presently two Sher- scribed as the most far-reaching
aton hotels in Israel, in Tel Aviv in the world.
Another advantage, he said,
and Jerusalem.
According to Mr. Cotter, the ho- was that the company would be
tels are to be the first Four Points able to bring in personnel from
hotels in the Europe-Middle East abroad . ❑
*
***4****
*Annual percentage yield when compounded quarterly. Rate is accurate as of 9/13/96. Penalty for early withdrawal from certificate accounts may be assessed.
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In advance of the November National Women's Division Jerusalem 3000
Recognition Ceremony in Israel, $1,037,000 in Israel Bonds was realized in
tribute to Tillie Brandwine at a Women's Division Golda Meir Jerusalem 3000
Tribute Dinner hosted by Marlene and Paul Borman and chaired by Penny
Blumenstein, Marlene Borman and Doreen Hermelin. Shown are Barbara
Stollman; Linda Scherzer, guest speaker; Marlene Borman; Tillie Brandwine;
Doreen Hermelin and Penny Blumenstein.