Egyptian bank claims shares of Jerusalem's King David Hotel

An Egyptian government-owned bank has launched a $1.3 million lawsuit over its lost shares in Jerusalem's King David Hotel, which were bought before the establishment of the modern Jewish state in 1948.

Banque Misr, which has 500 branches in Egypt and around the world, filed its lawsuit via Israeli lawyers Ron Yeshayahu and Gil Makov at the Jerusalem District Court calling for the restoration of 1,000 stocks in the hotel.

The King David Hotel, which is currently owned by Dan Hotels, was built by Jewish Egyptian businessmen in 1929, and Egypt's Zilka Bank purchased 1,000 shares as part of the initial investment.

FREE DAILY NEWSLETTER

Like this story? Subscribe to Operations!

Hospitality professionals turn to Operations as their go-to source for breaking news on guest rooms, food & beverage, hospitality trends, management, and more. Sign up today to get news and updates delivered to your inbox daily and read on the go.

Zilka Bank was merged with another bank in the 1960s when then-Egyptian President Jamal Abdel Nasser nationalized the Nile state's banks, thereby created the current Banque Misr.

The Israeli government has yet to submit a defense against the lawsuit.

Banque Misr made a previous bid for its shares in 2008.

Suggested Articles

Two My Place leaders, its EVP Matt Campbell and Director of Public Relations Ngoc Thach, will serve on committees at the AH&LA.

Depending on a hotel’s situation, it may be best for it to hire personnel in-house, contract with an outside company or work with the police.

Any hotel chain that used an outside agency to buy media on its behalf should investigate whether it is a victim of potentially deceptive activities.