El-Ad Group
Company type | Private |
---|---|
Industry | Real Estate Development |
Headquarters | New York City |
Owner | Yitzhak Tshuva |
Website | EladGroup.com |
The El-Ad Group is an
Collectively, the El-Ad Group has owned, restored and developed many landmarks across North America, including the historic Plaza Hotel, The Grand Madison and the Metropolitan Life Insurance Company Tower in New York City. The El-Ad Group was founded and is owned by Yitzhak Tshuva, an Israeli businessman.
Subsidiaries
Middle East
Elad Hotels Ltd. took a controlling interest in the 6-hotel Sheraton Moriah Israel hotel chain.[1]
North America
Elad Properties is a
Established in 2004 to spearhead expansion into the southeast, El Ad National Properties began as an affiliation between El Ad Group Florida and El Ad Group Canada, and today runs properties in ten states with a focus on the south, the Midwest and northeastern United States. 55% of Elad National Properties' portfolio are rentals. Through a joint venture, El Ad National Properties controls Element National Management, a property management company.[3]
In 2007, the company expanded its holding in Los Angeles, purchasing land between Beverly Hills and Westwood as part of a $330 million development deal.[citation needed]
Miki Naftali, the former CEO, launched and guided Elad’s successful New York operation and its expansion across the country and around the globe. The highlight of Elad’s portfolio is New York’s Plaza Hotel. The storied landmark has undergone a $450 million renovation. Elad will also be expanding The Plaza brand to cities around the world, including Boston, Los Angeles, Paris, London, Tokyo and Shanghai. Naftali is developing the last high-rise luxury condo on the Wilshire Corridor in Los Angeles and is planning a luxury high-rise in New York City designed by Daniel Libeskind. He is leading Elad into Singapore by creating a major residential, commercial, retail and hotel complex designed by Sir Norman Foster. Naftali also oversees Elad’s activities in other premier North American markets. Elad Canada’s residential and commercial developments are principally located in the Montreal, Toronto and Ottawa areas, and include more than 12,000 residential units, many in newly created attractive neighborhoods, and over 6,000,000 square feet (560,000 m2) of commercial, retail and industrial space. Elad National has a growing presence in Florida, Texas, Maryland, North Carolina, South Carolina, Georgia, Michigan, Illinois, Indiana and Massachusetts.[4]
Far East
ElAd Group runs several joint ventures with local companies in India and Singapore. In 2007, Elad Far East was established via a partnership deal with China's Zeg Investments.[5]
Controversies
Elad's purchase of New York City's
On May 15, 2007, the company announced plans to purchase the
In August 2007, Elad Properties faced a lawsuit between itself and the Plaza Hotel & Casino owner, Tamares Group.[8]
Holdings
- Plaza Hotel
- O'Neill Building
- The Grand Madison
- 21 Astor Place
- The Link REIT
- New Frontier Hotel and Casino
- Metropolitan Life Insurance Company Tower
References
- ^ "Elad Group reopens New York's Plaza". Taipei Times. 2008-03-03. Retrieved 2019-12-05.
- ^ Michael Stoler (2004-08-26). "Plaza is Israeli's Latest New York Deal". Retrieved 2019-12-05.
- ^ "About". Element National Management. Retrieved 2019-12-05.
- ^ "Corporate Information". Archived from the original on 2011-09-22.
- ^ Sikuler, Naama (2007-08-15). "Elad Group branches into China". Yedioth Ahronoth. Retrieved 2019-12-05.
- ^ Kramer, Louise (2007-10-07). "A Marriage of Minds at the Plaza Hotel". The New York Times. Retrieved 2019-12-05.
- ^ Stutz, Howard (2007-05-16). "MNew Frontier sale sets record". Las Vegas Review-Journal. Retrieved 2019-12-05.
- ^ Spillman, Benjamin (August 10, 2007). "What's in a name? Owners of Plaza say plenty". Las Vegas Review-Journal. Retrieved 2019-12-05.