Marriott International and Capital Alliance have set plans to open the AC Hotel by Marriott Melbourne Southbank by 2020.

The property was sold to a Manitoba-based investor, developer and management company that plans to renovate and add mixed-use elements.

The resort has an exclusive beachfront; six restaurants and bars; 459 rooms, suites and villas; and meeting facilities.

A dearth of rooms supply coupled with a shortage of land in Tel Aviv is spurring developers to turn offices and other existing buildings into hotels.

The 200-room, dual-tower development, designed by Atlanta-based architecture firm Cooper Carry, will include 90 private residences.

Expected to open in the summer of 2019, the hotel will be the third Cambria in Wisconsin, joining properties in Madison and Appleton.

The 133-room hotel, owned and operated by Brewster Travel Canada, was closed in December 2016 following a fire.

The Nordic hotel operator has signed a long-term lease with Finnish private equity fund CapMan Hotels to take over a 178-room hotel in Helsinki.