Kevin Bermeister and Partners Acquire Leonardo Inn Hotel Jerusalem

- Purchased Shares of Owner Kedem Hotel Jerusalem Ltd. for NIS 70 Million

JERUSALEM, Aug. 16, 2012 /PRNewswire/ -- Kevin Bermeister and a group of private investors have purchased the shares of Kedem Hotel Jerusalem Ltd., the owner of the Leonardo Inn Hotel Jerusalem, for approximately NIS 70 million (US $17.5 million) in an all cash transaction.

The Leonardo Inn has been managed for the past several years by Fattal Hotels, the operator of several Leonardo hotels in Israel as well as additional properties throughout Israel and in Europe.

Bermeister and his partners are exploring opportunities for future development of the Leonardo Inn site and expansion of the hotel to create additional rooms for tourists and other visitors to Jerusalem.

"This transaction represents our first completed investment in the tourism development sector of Jerusalem, and we expect to make multiple future investments in this sector, either directly or through a specialized investment fund," Bermeister stated.

The Leonardo Inn Hotel Jerusalem currently has 185 hotel rooms, a spa and health club with sauna, a Jacuzzi, and outdoor and indoor swimming pools.

"The hotel is well situated along the Jerusalem Light Rail line and the Central Bus Station at the entrance of Jerusalem, and within easy walking distance to numerous historical and cultural sites including the Knesset, Israel Museum, Yad Vashem and Mount Herzl.  This location makes it very attractive to tourists and pilgrims who regularly visit the city, and we plan to increase their numbers by hosting educational seminars in partnership with Gateways, the education group founded by Rabbi Mordechai Suchard," Bermeister continued.

About Kevin Bermeister: Kevin Bermeister is an active investor in Israeli real estate and the founder of Jerusalem 5800 (www.jerusalem5800.com), the first consolidated master plan created for the entire Jerusalem metropolitan area.  A technological innovator, he has developed substantial businesses in the computer, multimedia and Internet industries.  Among his many accomplishments, Bermeister was a founding investor of Skype in 2002.  He is also Chairman and CEO of Brilliant Digital Entertainment (www.brilliantdigital.com).  Earlier in his career, Bermeister established Ozisoft, which became Australia's largest videogame distributor.  In 1994, he established Packard Bell and the Sega World Sydney theme park.

SOURCE Kevin Bermeister