Hey guys! I just joined the forum after visiting for months, and was very interested with the Israeli section. Anyway, I dont know if anybody here has heard of this project in Eilat but it sounds like it will be a VERY BIG tourist attraction and will make Eilat into a bigger tourist city than it already is. Here's the article:

Financing set for $375M tourism venture
Real Estate Weekly, Sept 22, 2004

Sonnenblick-Goldman Company has been retained by Aquaria, Ltd. to arrange venture and construction financing for the development of Aquaria Entertainment City, a mixed-use entertainment, recreation, and lifestyle center to be built in Eilat, Israel, on the Red Sea.

The 300-acre beachfront parcel, owned by the government, is being developed as a national tourism infrastructure project in a private-public partnership.

The new "City" is intended to be a catalyst for tourism development in the region, in much the same manner as Walt Disney World served as a catalyst for tourism development in Orlando.

Unlike Disney World or Universal Studios, which are gated attractions where a ticket provides admission to the park, Aquaria will be a city with facilities open to visitors around the clock.

The development will contain numerous entertainment activities, such as a theme park, water park, festival marketplace with shops and restaurants, golf and beach club facilities, convention center, arenas, amphitheaters, catering operations and other entertainment and leisure services.

Aquaria will be themed with fountains, waterways and distinguished ports from all over the world..

Aquaria is expected to draw tourists from all over the world, and serve as the cornerstone for the repositioning of Israel as an international family destination.

The development cost of Aquaria is expected to be $375 million, with approximately $205 million in debt, a $45 million Israeli government grant, and $125 million of equity led by the developers.

Aquaria is projected to open in 2008.

"We are delighted to see all the hard work of so many talented people coming together after many years of studies and preparation," says Joseph Bernstein, the project's founder.

"We believe Aquaria will create a new heartbeat for Eilat. It will be the first project of its kind--one that we expect will set the standard for future recreation centers around the world."

Arthur Sonnenblick, senior managing director of Sonnenblick-Goldman Company, adds, "We believe Aquaria will be successful and are proud to have the opportunity to participate in arranging the financing for the project.

"The viability of the project is strongly supported by the project's superior location in Eilat, Israel's tourism hub, with 2.5 million Israeli visitors each year. In addition, Mr. Bernstein has put together a very strong and experienced development team well worthy of a project of this scope."

COPYRIGHT 2004 Hagedorn Publication
COPYRIGHT 2004 Gale Group

:)

Here's another article published on "Globes[online]" about the project a few days ago:

Aquaria tourism project near Eilat approved

A group of American Jewish investors plans to build a $350 million tourist attraction.

Ron Paz 2 Mar 05 17:30

The National Planning and Building Board has approved Aquaria, a large tourism project located north of Eilat. The National Planning Board approved the project after the Israel Land Administration (ILA) promised Kibbutz Eilot alternative agricultural land for the land to be expropriated for the project, and to provide adequate compensation for date plantations on the site.
A group of American Jewish investors plan to build a $350 million tourist attraction on a 1,500-dunam (375-acre) site on Kibbutz Eilot land. $50 million of this sum is to due to be paid to the government.

Published by Globes [online], Israel business news - www.globes.co.il - on March 2, 2005

I think it was in the newspaper about a year ago, but since then nothing was published about this amazing project.

Ya, I remembered it from a while ago, but it has just been approved three days ago.

I heard about this, there was a lot of protest from Eilat residents and environmentalists groups against this projecy . I'm not so sure what I think about this, cool project but it'll have a big impact on it's surroundings .

Rendering \/
http://www.ereverev.co.il/UploadImg/417_1.jpg

Id prefer if stuff like this was built on the egyptian side of the border. It takes up too much land.

There's a similar big project that's about to be opened this year in Eilat. it's called "Etzion Gaver - Kings City" and it is now under construction .

http://www.ynet.co.il/PicServer2/01082004/489846/01_m.jpg

While I agree that a project like this will take up a lot of land, I think that the end result will be better for the city as it will bring more tourism. Also, I've never heard of the "Etzion Gaver - Kings City" project, can you post some more information on it or tell me where to look TeLaVivi...thanks.

While I agree that a project like this will take up a lot of land, I think that the end result will be better for the city as it will bring more tourism. Also, I've never heard of the "Etzion Gaver - Kings City" project, can you post some more information on it or tell me where to look TeLaVivi...thanks.

If you can read Herbrew than there's some info on this link (http://www.ynet.co.il/articles/0,7340,L-3032173,00.html)

TeLaVivi, the link opens but its for members only. do you have anything else?

TeLaVivi, the link opens but its for members only. do you have anything else?

mmm ... that's because this site is only free for surfing from inside Israel .
I'll post a copy here :

http://www.ynet.co.il/PicServer2/01082004/489848/02_a.jpg
בקרוב: "עיר המלכים" - אתר בילוי חדש באילת
שיט בין סצינות מחייו של שלמה המלך, סרטי תלת מימד ומערת התנ"ך הם חלק מהאטרקציות שיחלו לפעול בפרויקט החדש בחודשים הקרובים. מחיר הכניסה: 100 שקלים למבקר. מנכ"ל מלונות אפריקה ישראל מחכה לחצי מיליון מבקרים בשנה ומפגין אופטימיות ( זהירה ) ביחס לעתיד התיירות בישראל
שלומי שפר

מי שביקר באחרונה בעיר באילת ודאי הבחין כי אי שם בקצה החוף, ליד המלונות המפוארים הרודס ודן, נמצא מבנה נוסף, מעט שונה. מדובר בבניין שמזכיר ארמון. זהו פרויקט הדגל החדש של חברת מלונות אפריקה ישראל ( הבעלים של רשת מלונות הולידי-אין בישראל ).

הפרויקט, שייקרא "עיר המלכים", הוא אתר סגור וממוזג, בן 3 קומות, בשטח כולל של כ-12 אלף מ"ר. זהו למעשה אתר בילוי ענק,שלא לומר מגלומני. יהיו בו אולם לסרטי תלת-מימד, מערת תנ"ך שבה יומחזו סצינות מספר הספרים, מערת חוכמה שהיא מוזיאון מדע חווייתי, וכן שיט בסירה שבמהלכו יוצגו סצינות מחייו של שלמה המלך.

לדברי מנכ"ל מלונות אפריקה, אריאל קפון, החברה מקימה את הפרויקט הזה יחד עם משקיעים שווייצרים וחברת אלרן ( כל אחד כשליש ) והיקפו מוערך בכ-28 מיליון דולר. את המימון לפרויקט נותן בנק לאומי, והוא מצטרף למענק השקעות שקיבלו היזמים מהמדינה ועוד קצת כסף שהביאו מהבית.

האתר ייפתח לתקופת הרצה כבר בסוף החודש, וחודש לאחר מכן יפעל באופן כמעט מלא. ההשקה הרשמית והרועשת תגיע לקראת פסח, עם פתיחתה הלא רשמית של עונת הנופש.

"עברנו את התקופה הקשה"

מלונות אפריקה ידעה ימים לא קלים. המשבר בתיירות, שנבע מהאינתיפדה ומהמשבר הכלכלי החריף, יחד עם התחרות הלא-פשוטה שיש לתיירות בישראל מהאזור הקרוב ( טורקיה, יוון ), מהמזרח הרחוק ומאירופה, העבירו את החברה להפסדים. בשנים 2003-2001 הפסידה החברה סכום מצטבר של כ-143 מיליון שקל. ברבעון הראשון של 2004 הפסידה עוד כ-19 מיליון שקל. לאחר מכן החלה להרוויח: 500 אלף שקל ברבעון השני וכ-3.7 מיליון שקל ברבעון השלישי.

"אנחנו מפעילים בישראל כיום 9 בתי-מלון עם 2,105 חדרים. פרט למלון באשקלון, כל בתי המלון הם בבעלותנו. אנחנו גם מתכננים להקים בית מלון בצפון קווקז שברוסיה, בעיר קיסלוויץ, שמוכרת מאוד ברוסה כעיר עם מעיינות מרפא. נבנה שם קומפלקס בן 324 חדרים בשותפות (50 אחוז ) עם יזם מקומי, וכל זה בעלות של כ-28 מיליון דולר".

אבל למרות הפזילה לרוסיה, עיקר הפעילות של מלונות אפריקה היא כאן, בישראל. קפון דווקא מאמין בתיירות בארץ. "עברנו את התקופה הקשה, ואני אומר את זה בזהירות רבה. מספיק פיגוע אחד שימנע מתיירים להגיע לכאן. אבל רואים גם שיפור ברמה הכלכלית, ולדעתי, גם מה שקרה בסיני ובמקומות אחרים יוצר תחושה זהירה של תקווה לענף, ואופק יותר נוח לפעילות ממה שהיה בשנים האחרונות", הוא אומר.

"החדרים בישראל דווקא זולים"

למרות התדמית היקרה שיש למלונות בישראל, קפון דווקא סבור שההיפך הוא הנכון. "מחירי החדרים בישראל נמוכים יחסית לצרפת, אנגליה, בלגיה ושווייץ, וצריך לנצל את חלון ההזדמנויות הזה. אני משוחח הרבה עם תיירים שמגיעים לכאן והם אומרים לי שמה שיש לנו להציע בישראל אין להרבה מדינות בעולם".

כדי להתכונן לגל התיירות שיגיע, עורך קפון כעת שיפוץ יסודי בחלק ניכר מבתי המלון שהוא מנהל. "סגרנו את קראון פלאזה באילת לשיפוץ רציני, אנו משפצים חצי מבית המלון בירושלים, אנו שוקלים השקעה בטבריה, כולל חמי טבריה, ובסך הכל נשקיע מיליוני דולרים ב-2005 כדי להעלות את הרמה של המלונות. זה הרבה לענף שכרגע לא בדיוק מייצר מזומנים".

ומה לגבי המצב הפיננסי?

"מבחינה תפעולית החברה רווחית, אלא שיש הוצאות מימון גבוהות. לחברה יש היום חוב של כ-600 מיליון שקל, רובו לבנקים, וסך המאזן שלנו עומד על כ-1.1 מיליארד שקל. אנחנו גם מגייסים כסף. רק באחרונה גייסנו כ-150 מיליון שקל בריבית של 5.8 אחוזים לתקופה של 40 רבעונים, מהם פרענו כבר שני תשלומים".

ואגב, למי שמתעניין בפרוייקט האילתי, קפון מתכוון לדרוש מכל מבקר כ-100 שקל והוא צופה כ-500 אלף מבקרים בשנה. חשבון מהיר מביא אותנו להכנסות שנתיות של כ-50 מיליון שקל בשנה, לפרויקט שעלות ההקמה שלו היא בערך פי 5.2 מזה. מדובר בתקופת החזר די מהירה.

(13.01.05, 14:12)

Thanks TeLaVivi. Here's some more news about Aquaria in Eilat:

Grant cut for Aquaria project in Eilat

The state will grant $35 million for the project.

David Hayoun 9 Mar 05 17:05

Minister of Tourism Abraham Hirchson says that the state will grant $35 million for the $350 million Aquaria tourism project in Eilat planned by US investors.
Several months ago, former Minister of Tourism Gideon Ezra said that the project would receive a $50 million grant.

The project is planned in the style of Disneyworld. Ran Peker is representing the entrepreneurs.

Published by Globes [online], Israel business news - www.globes.co.il - on March 9, 2005

:)

Israeli Amusement Park
Is Under Construction
By SHEILA MUTO
Staff Reporter of The Wall Street Journal

From The Wall Street Journal Online


Aquaria Ltd., which plans to develop a $375 million retail and entertainment project in Eilat, Israel, near the border of Jordan in an area referred to as the Red Sea Riviera, has hired Sonnenblick-Goldman Co. to raise $305 million in venture and construction financing for the project.

The 300-acre development, dubbed Aquaria Entertainment City, includes a water-themed amusement park, a 10,000-seat arena, a 2,500-seat amphitheater, shops, restaurants and an 18-hole golf course. Using planners and designers that helped create Walt Disney Co.'s Epcot park in Orlando, Fla., Aquaria also will offer amusement rides mixed into areas that mimic the look of other cities, including Hollywood, New Orleans, San Francisco, Rio de Janeiro, St. Tropez, Venice, St. Petersburg and Bangkok.

The Israeli government is providing a $45 million grant and is leasing the land to Israel-based Aquaria, whose mostly U.S.- based principals are putting up about $25 million. Sonnenblick-Goldman, a New York real-estate investment banking firm, is raising $100 million in equity and $205 million in debt.

Eli Lankri, Eilat's deputy mayor, hopes Aquaria will rejuvenate international tourism, which has fallen off since 2000 due to the violence in the Middle East. Last month, the U.S. State Department issued a travel warning urging Americans to defer travel to Israel after a U.S. citizen was kidnapped in the West Bank. Mr. Lankri also hopes Aquaria, which is expected to create 2,000 jobs, will help reduce Eilat's 8% unemployment rate.

Arthur Sonnenblick, senior managing director of the firm that bears his name, says Sonnenblick-Goldman will target investors in the U.S. and Europe, and doesn't believe the violence in the region will be a deterrent. "I don't like to take on projects that I don't feel comfortable that I can get done," he says. "I think the returns will be attractive to investors."

The project is expected to generate returns of 18% to 20%, says Joseph Bernstein, Aquaria's Delray Beach, Fla.-based co-president. He says Aquaria's feasibility relies on the 2.5 million Israelis who visit Eilat annually -- and not on the return of international tourism. And if the government moves forward in allowing casinos in Eilat, "we may make a bid" for those operations, he adds. Construction will start next year for a 2008 opening.

Kibbutz Eilot petitions HCJ against land expropriation in Aquaria project
The petition asserts that the project is camouflage for a casino. The planned investment in the 375-acre park is $350 million. Shmuel Dekalo 8 May 05 15:14


Kibbutz Eilot last week petitioned the High Court of Justice. Eilot is seeking to prevent authorities from expropriating 800 dunam (200 acres) of its land for the Aquaria project in Eilat. The kibbutz contends that a feasibility study of the project found that it was not worthwhile. Eilot alleges that the project is camouflage for building a nearby casino.
Eilot quotes an advertisement on the Walla! website, which cites a statement by Minister of Finance Benjamin Netanyahu that a casino will be built next to the Aquaria project. The kibbutz also attached a March 2004 report in "Globes" as confirmation.

The planned investment in the 1,500 dunam (375-acre) park is $350 million. Eilot notes that most of its livelihood is derived from agriculture, and that the plan will deprive it of a third of its land. The kibbutz alleges that it had no legal representation at the meeting of the National Planning and Building Council.

:bash:
Good news followed by bad...I hope this project goes through

WOW.. its amazing
But I hope that it will attract international tourism. Yes 2.5 million Israelis visit eilat, but we have limited resources comparing to tourists that come once in a while to have fun on a bigger scale.
I mean, for Israelis eilat is a “back yard” resort that shouldn’t cost much.

some pictures of Kings city in Eilat :

http://www.lightspeeddesign.com/weblog/archives/EliatKingsCity01.jpg

http://www.lightspeeddesign.com/weblog/archives/EliatKingsCity02.jpg

http://www.lightspeeddesign.com/weblog/archives/EliatKingsCity03.jpg

http://www.ntt.co.il/sites/rubin/kingscity.jpg

And soon the website of Kings City (http://www.kingscity.co.il/)

WOOOOOOOOOW GREATTTTTTTTTTTTT
THANX!

Artistic!!! Excellent!!!

It looks amazing!! Eilat is really becoming a huge tourist town...

Tel-Aviv: Big Apple of the region
Eilat: Las Vegas of the reg

Can you give more info. about what type of attraction Kings City is?

http://www.ntt.co.il/sites/rubin/kings_city_logo.jpg

Kings city web site (under construction) (http://www.kingscity.co.il)

is Kings City for the Hotel? or what?

I think it's just a seperate building with biblical attractions that have to do with the ancient kings.

NIS 500m Timna Park plan approved for deposit
The 300-dunam (75-acre) project is located 30 kilometers north of Eilat.
Gadi Golan 26 Jun 05 12:41

The Southern District Planning Commission has conditionally approved for deposit a plan for a NIS 500 million tourist complex in Timna Park.
The Yoav Igra group initiated the project. When completed, the complex is expected to employ 600 workers.

Most of the conditions set by the planning commission are technical. The plan will be approved for deposit only after the conditions are fulfilled.

The 300-dunam (75-acre) project is located 30 kilometers north of Eilat. Igra said that the project was a result of four years of thorough examination and study of hotel industry trends in Israel and overseas.

Published by Globes [online] - www.globes.co.il - on June 26, 2005

A newer rendering of the "Aquaria" project,
looks like they made it bigger then on the first plan, the building is planned to finish in 2009 .

http://americaspartners.net/images/aquaria.jpg

Aquaria tourism project near Eilat approved
A group of American Jewish investors plans to build a $350 million tourist attraction.
Ron Paz 2 Mar 05 17:30


The National Planning and Building Board has approved Aquaria, a large tourism project located north of Eilat. The National Planning Board approved the project after the Israel Land Administration (ILA) promised Kibbutz Eilot alternative agricultural land for the land to be expropriated for the project, and to provide adequate compensation for date plantations on the site.
A group of American Jewish investors plan to build a $350 million tourist attraction on a 1,500-dunam (375-acre) site on Kibbutz Eilot land. $50 million of this sum is to due to be paid to the government.

Published by Globes [online], Israel business news - www.globes.co.il - on March 2, 2005

woooooooow great!
thanx tel avivi for news!

article in hebrew:
http://www.nrg.co.il/online/35/ART/944/021.html

Kings city - Photos and a video from YNET

click here (http://www.ynet.co.il/articles/0,7340,L-3104511,00.html)

http://www.ynet.co.il/PicServer2/01082004/581163/2_wh.jpg

someone know what about Aquaria in Eilat?
they started?

Yeah, I think...looks enormous!!!I cant wait to visit there whan the construction will end!!!

they said 2009....

This is nuts..

this is actually bigger than DubaiLand :D

whats the Arena for?
Soccer? Hockey? Lacrosse?

I am very excited for this one...it's HUGE! This will be very good for Eilat and tourism. :)

im guessing that 10% of Eilats population + the outside will be working in this park, right?

looks pretty crowded for a park..

im guessing that 10% of Eilats population + the outside will be working in this park, right?

looks pretty crowded for a park..

maybe....they should put those hebrew israelites to work!!!!!! they can be usefell for something can they!!!!! :cheers:

maybe....they should put those hebrew israelites to work!!!!!! they can be usefell for something can they!!!!! :cheers:

Honestly,

would u work in +40 temperatures handling a ride or something...

:bash:


Let the Pilapino and Thailandim do the work :)
Bedouinim too

I am very excited for this one...it's HUGE! This will be very good for Eilat and tourism. :)


where are you?
i miss you...

a new minister of tourism speaks about "Aquaria" project
http://www.ynet.co.il/articles/0,7340,L-3256447,00.html

he'd just mentioned it....
it will be a great project..! :O

this project looks amazing

it is...

glad we agree lol

did they start working on it yet?

no

according to the article, the project's kinda stuck... I hope all these eylot pplz will let them built this one

i think it's approved...soon they will start the project

http://americaspartners.net/images/aquaria.jpg

:shocked:

Are you guys sure this is the actual plan ? It's huge !

yep.. pretty sure.

we have plenty of space in the negev :sleepy:

^^the biggest aqwa park in the world

Really? kewl! I really hope they'll built this one cuz it's gonna help the negev in so many ways, plus it's gonna bring tourism :] let's all pray :dance2: in a...weird..african dance [?]

^^:rofl: :weird: guy:D

yes it can bring more than 2 million tourists

great for the country :) very massive!

heh, and that's me on a normal day! :)

lol,ok it's Sharon's area temperament:D

Any news???