RFR Sells The Jaffa, Achieving Record Pricing in Israel
The sale price was $123 million, approximately $1 million per key, representing a record price for a hotel in Israel. The Jaffa has been credited with contributing to the transformation of the Jaffa neighborhood into a sought-after tourist locale, and is recognized for offering unsurpassed luxury amenities.
'The Jaffa has been a uniquely personal experience and accomplishment for me as the developer,' Mr. Rosen said. 'Through a lengthy, complex design and development process that brought together an outstanding professional team, we created a property that responds perfectly to its surroundings, respecting the long and fascinating history of Jaffa while providing visitors and residence owners with a unique luxury lifestyle experience.'
RFR, led by Mr. Rosen, acquired The Jaffa site in 2006 and collaborated with Pawson – the British legend known for minimalist design – and Gill – a prolific Israeli architect experienced in the preservation and adaption of ancient sites – to create a thoroughly modern hospitality destination. At The Jaffa, the minimalist concepts of Pawson served to blend the beauty of new classic architecture with the preserved historic elements existing on the site.
The original building was completed in 1879 by the French businessman François Guinet as a hostel for religious pilgrims on route to Jerusalem, featuring Roman Renaissance aesthetics and imported French glass and iron work. Excavations by the Antiquities Authority in anticipation of a new hotel also revealed a remnant of the Jaffa city wall from the Crusader era, approximately 700 years ago. Now incorporated into The Jaffa, the section of the round wall with light stones appears to rise up into the warmth of the elegant lobby and snakes into the hotel's courtyard.
Opposite the U-shaped 1879 Guinet building, the development team designed and constructed a new, elongated building that complements the historic structure. The two buildings collectively encompass 120 rooms and 33 private residences.
Within The Jaffa are several dining and nightlife destinations, including Giardino, Golda's Deli, The Pool bar, and The Chapel bar, lounge, and event space. The L.Raphael spa features six treatment rooms and dry and wet saunas.
About RFR
RFR is a fully integrated real estate investment firm based in New York City with a core focus on select urban markets in the United States and Germany. Founded by Aby Rosen and Michael Fuchs in the early 1990's, the firm has been an active force in the New York City and German real estate market for much of the past three decades. RFR's portfolio has grown to include more than 100 commercial, residential, hotel, and retail properties located in select domestic and international markets.
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