Hospitality Industry

The acquisition of the NOMO SOHO hotel in New York has boosted Dan Hotels' performance. Revenues from the hotel sector rose by 13% in the second quarter to 318 million shekels.

After a loss of 60.5 million shekels in the first quarter, Dan Hotels ended the second quarter with a loss of only 2.3 million shekels. The chain's revenues jumped by 10.8% compared to the same period last year to approximately 418.9 million shekels, though high financing expenses continue to weigh on the bottom line.

The Ministry of Tourism is proposing a 400 million shekel state-guaranteed loan fund to support hotel expansion and the construction of new projects amid industry financing challenges.