Tourism Ministry Receives over 100 Applications to Establish Hotels
Israel's Ministry of Tourism and the Investment Administration has recently received 107 applications from entrepreneurs seeking grants to build and expand hotels.
Investors, who are optimistic about the rehabilitation of Israel’s incoming tourism industry, are seeking to establish and convert existing buildings to hotels and expand existing buildings or restore them to their original purpose.
Seventy (70) applications were submitted in the building permit track, 22 requests as part of a track to restore buildings to hotel use and convert existing buildings into hotels, and 15 applications were submitted in the implementation track by companies who are in possession of a building permit. This year's grant budget stands at NIS 165 million. The directives of the Investment Administration for 2022 were published last April and the deadline for applications to be submitted was mid-May 2022.
Israel Minister of Tourism Yoel Razvozov (Yesh Atid) said: “There is a great deal of optimism and interest among the tourism industry. This year, we broke the record for the number of grant requests for opening new hotels in Israel, with over one hundred applications submitted. The Israel Ministry of Tourism continues to invest vast efforts in increasing incoming tourism traffic to Israel and shortening the amount of time it takes to build hotels. This will inject billions of shekels into the state coffers.” (INN / VFI News)