Sapir Corp Ltd. Acquires Majority Interest In NoMo-SoHo Hotel, NYC

TEL-AVIV, Israel, April 30, 2018 /PRNewswire/ -- Sapir Corp Ltd. announces the acquisition of additional 49% interest in the NoMo-SoHo Hotel, located in SoHo, Manhattan, New York from a trust-owned corporation for the benefit of Mr. Gerard Guez and his wife, Mrs. Jacqueline Rose. 

Sapir Corp's wholly owned subsidiary, CROSBY USA LP, signed an agreement to purchase 49% interest in the NoMo SoHo Hotel in Manhattan, New York, from AJNN, a company owned by a trust for the benefit of Mr. Gerard Guez and his wife Mrs. Jacqueline Rose.

Following the closing of the acquisition agreement, Sapir Corp will hold, indirectly, 99% of the NoMo SoHo Hotel.  According to the agreement, AJNN will be allotted 9.2 million shares in Sapir Corp Ltd., representing 26.1% in Sapir Corp Ltd.  The value of AJNN's acquired interests is approximately $33.9 million.

Alex Sapir, chairman of Sapir Corp Ltd., said: "Today we are proud to announce the acquisition of 49% of the shares held by our partners Gerard Guez and his wife, Jacqueline. This agreement grants Sapir Corp Ltd. full control of the NoMo SoHo Hotel in New York and increases and strengthens the equity capital of the Company. We welcome with great pride AJNN as a shareholder in Sapir Corp Ltd. Gerard Guez is a dynamic businessman who has been building global businesses since he was 16 years old.  I strongly believe he will add great value to the company and its shareholders, continuing its strategy to add significant value to its current real estate portfolio and its future acquisitions."

Gerard Guez said, "I am honored to join Sapir Corp and strongly believe that together we will be able to create a lot of added value to all shareholders and deliver on Alex's vision of creating a well-balanced portfolio of assets, well geared towards growth and returns on unique content."

SOURCE Sapir Corp Ltd.