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AMSTERDAM-The new owner of an historic Downtown office building here plans to convert the property into a 100-room hotel. Publicly held Elbit Medical Imaging Ltd. of Tel Aviv said Thursday that one of its subsidiaries paid $18.4 million for the building on Dec. 14 and plans to invest an additional $13 million in the restoration and conversion.

The 75-year-old building is located next to Elbit’s Victoria Hotel in Amsterdam’s business and entertainment district. The motivation for the acquisition and conversion was the existing hotel’s 95% occupancy average over the past 12 months.

The conversion is expected to be complete in approximately one year. A bank financed 100% of the acquisition cost. The seller was Allianz Lebensversicherungs-AG.

Elbit Medical Imaging is a subsidiary of Europe Israel Ltd. that develops and operates shopping centers and hotels. It also invests in the development of MRI-guided ultrasound treatment equipment.

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