The Dayan family agreed to acquire Africa Israel Hotels, Ltd. from Africa-Israel Investments Ltd (TASE:AFIL) and Netz Hotels Ltd (TASE:NZHT) (sellers) for approximately ILS 410 million on July 16, 2017. The consideration is subject to adjustments in respect of working capital and settlement of Africa Israel Hotels' debts to banks. In a related transaction in which Africa Israel Hotels, Ltd.'s sale of Crowne Plaza Jerusalem to Dayan family, will be cancelled to fulfill this new agreement.

Africa Israel Hotels, Ltd. generated revenue of ILS 400 million and loss of ILS 14 million for the year ended December 31, 2016. Transaction is subject to consummation of due diligence and approval of director general of antitrust authority. As on September 6, 2017, an addendum to the agreement was signed, cancelling all the compensation and indemnity relief to which Dayan family was entitled under the agreement, against payment of a total of ILS 14.5 million which would be deducted from the amount of the consideration, and that in various cases the sellers would be entitled to be indemnified by the Dayan family.

Furthermore, several additional conditions precedent for the transaction closing were added in the addendum.