Hotel company Pies Siam completed its IPO on the Tel Aviv Stock Exchange, with shares bought by institutional investors at a company valuation of NIS 810 million. Pies Siam currently operates two Ibis Hotels in Jerusalem and owns 50% of a hotel near Tel Aviv Port. The company plans to develop and build six more hotels and three sheltered housing schemes. Chairman Shlomo Dahokey believes that the war is winding down and expects a recovery in the hotel sector with the return of foreign tourism.
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