Invests in biomed companies & real estate.
Israel Canada Hotels ended 2025 as a larger hotel platform, but not a stronger one: the legacy hotels weakened, Brown barely produced EBITDA after rent, and the 2026 expansion case now depends on funding staying open and new assets maturing quickly.
Brown still looks like staged exposure to a rent heavy hotel business, not like a mature platform already generating meaningful operating profit after lease expense.
The Series A bond and the Harel placement bought Israel Canada Hotels time and liquidity, but they did not close the 2026 funding test. The covenants still look comfortable, yet the cash balance has to serve negative working capital, rolling short-term debt, The George, and the…
