ELAD PROPERTIES PLANS PLAZA EXPANSION

摘要

New york city Despite the reported lack of available credit for hotel development and rumors swirling about the massive US$5 billion Las Vegas development being put on hold, Elad Properties President and CEO Miki Naftali is steadfast in his resolve to grow the company's Plaza brand around the world. About a month after reopening the famed Plaza in New York (a US$400 million-plus refurbishment), Naftali says Elad has the money, the partners and desire to build The Plaza into a global powerhouse brand. "The financial crisis today creates opportunities for strong players," Naftali says. "Weak players that could bring equity to table due to the easy financial market have disappeared. On the development side there are only a few real estate players and developers who can bring enough equity and have the track record to finance deals. We have a lot of experience and equity to invest, and [we] own a fabulous brand. So for commercial banks we are a perfect player, and this is how we plan to get the opportunities in the market."