Africa-Israel to build spa in Kislovodsk, Russia: Africa Israel Hotels will build a 350-room, 40,000-sq.m. complex. It already owns the Plaza Hotel in the northern Caucasus town.

Globes (Tel Aviv, Israel) | September 10, 2006 | Copyright

Byline: Dalia Tal

Sep. 10--Africa-Israel Investments Ltd. (TASE:AFIL; Pink Sheets:AFIVY) plans to build a 40,000-sq.m. spa on a 12.5-acre site in Kislovodsk, in the north Caucasus region of Russia. The spa will have 350 rooms and conference centers. The company bought the land for $5.5 million.

Africa Israel Hotels Ltd. (TASE: AFHO) is a partner in the Plaza Hotel, also a spa, in the town. Africa Israel Hotels CEO Ariel Kappon said Kislovodsk was developing rapidly, which was reflected in real estate ...

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