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Press Release
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Contact: Nick Derasmo (212.841.7505) |
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SONNENBLICK-GOLDMAN RETAINED TO SECURE VENTURE AND CONSTRUCTION FINANCING FOR AQUARIA ENTERTAINMENT CITY, A 300-ACRE BEACHFRONT COMPLEX ON THE RED SEA IN ISREAL |
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Wednesday, September 01, 2004
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New York, NY
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Sonnenblick-Goldman Company has been retained by Aquaria, Ltd. to arrange venture and construction financing for the development of Aquaria Entertainment City, a mixed-use entertainment, recreation, and lifestyle center to be built in Eilat, Israel, on the Red Sea.
The 300-acre beachfront parcel, owned by the government, is being developed as a national tourism infrastructure project in a private-public partnership. The new "City" is intended to be a catalyst for tourism development in the region, in much the same manner as Walt Disney World served as a catalyst for tourism development in Orlando.
Unlike Disney World or Universal Studios, which are gated attractions where a ticket provides admission to the park, Aquaria will be a city with facilities open to visitors around the clock. The development will contain numerous entertainment activities, such as a theme park, water park, festival marketplace with shops and restaurants, golf and beach club facilities, convention center, arenas, amphitheaters, catering operations and other entertainment and leisure services.
Aquaria will be themed with fountains, waterways and distinguished ports from all over the world, including New Orleans, San Francisco, Puerto Vallarta, Rio, St. Tropez, Venice, St. Petersburg, Istanbul, Hong Kong and Bangkok.
Aquaria is expected to draw tourists from all over the world, and serve as the cornerstone for the repositioning of Israel as an international family destination.
The development cost of Aquaria is expected to be $375 million, with approximately $205 million in debt, a $45 million Israeli government grant, and $125 million of equity led by the developers.
Aquaria is projected to open in 2008.
"We are delighted to see all the hard work of so many talented people coming together after many years of studies and preparation," says Joseph Bernstein, the project’s founder. "We believe Aquaria will create a new heartbeat for Eilat. It will be the first project of its kind one that we expect will set the standard for future recreation centers around the world."
Arthur Sonnenblick, senior managing director of Sonnenblick-Goldman Company, adds, "We believe Aquaria will be successful and are proud to have the opportunity to participate in arranging the financing for the project. The viability of the project is strongly supported by the project’s superior location in Eilat, Israel’s tourism hub, with 2.5 million Israeli visitors each year. In addition, Mr. Bernstein has put together a very strong and experienced development team well worthy of a project of this scope." |
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Sonnenblick-Goldman, LLC is the industry’s leading independent real estate investment banking firm. Founded in 1893 to serve the financing needs of the real estate industry, Sonnenblick-Goldman, LLC provides a full range of financial services, including debt and equity placements, joint ventures, investment sales and advisory services. Headquartered in New York, Sonnenblick-Goldman maintains offices in San Francisco, Boston, Hong Kong, Shanghai, Sydney and Tokyo. Further information can be found at Sonnenblick-Goldman, LLC’s website at www.cushwake.com/sonngold.
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