A splendid opportunity to become part of fixed income syndicate which has formed to purchase the building and rental income of the Montana Hotel – Ein Karem. This property is under residential zoning but registered for hotel usage and rented on a long term lease by the neighboring Alegra Hotel.
This is an excellent combination of a low risk residential purchase with the advantage of a commercial yield and a small possibility of an up-side as additional space under the property can be added.
The Neighborhood at a glance
Ein Karem lit. “Spring of the Vineyard (also Ain Karem) is an ancient village of the Jerusalem District
and now a neighbourhood in southwest Jerusalem. It was depopulated during the 1948 Arab-Israeli War on July 16, 1948.
According to Christian tradition, John the Baptist was born in Ein Karem, leading to the establishment of many churches and monasteries. In 2010 the neighborhood had a population of 2,000. It attracts three million visitors a year, one-third of them pilgrims from around the world.
A spring that provides water to the village of Ein Karem stimulated settlement there from an early time. Pottery has been found nearby dating to the Middle Bronze Age. In the Israelite age it was the location of Beth HaKerem (Jeremiah 6:1; Nehemiah 3:14), where the traditional name comes from. A reservoir here
was mentioned in the copper scroll. It was recorded during the Islamic conquest and again, under the
name St. Jeehan de Bois, during the Crusades. Ottoman tax registers from 1596 showed a population of 29 Muslim families.
The Montana Hotel is established in one of Ein Karem’s most historic of buildings, on 6 Sister’s Way. The original building dates back to 1110, built to house the knights of the Hospitaller Order, originally set up by King Baldwin of Jerusalem.
In recent years the building has been once again renovated and rejuvenated back to its original use as a hotel for Ein Karem’s guests. Renamed the Montana Hotel, this historic building now boasts 4 stunning suites of 50 square meters each, build and furnished to restore the historic value of the building whilst offering all the amenities and luxuries of the 21st century, along with the picturesque views and sights of this quaint community.
Financials at a glance
- Mercantile Discount
- Mizrachi Tefachot
- Bank Hapoalim