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PIE Siam

Builds & operates hotels in israel.

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Analyses on PIE Siam (7)

July 8, 2026
July 8, 2026
1. Pai Siam and Airport City deepen hotel control while cash is tied to opening costs and depreciation
  Pie Siam and Airport City's July hotel moves shift the sector read from tourism demand to control over the operating layer. Pie Siam is completing full consolidation of North Hayarkon, Isrotel is selling ownership but keeping management until March 2047, and Airport City is buil…
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May 18, 2026
May 18, 2026
1. Follow-up
  Follow-up on Pai Siam: more control in Port Tower, less spare cash
  The acquisition of the remaining 50% of Tzafon Hayarkon can be good capital allocation against the value assigned to Port Tower, but its first effect is a roughly NIS 50 million cash use and full consolidation of an asset that had only just reopened.
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2. Pai Siam in the first quarter: Cash increased, but the financing test is still open
  Pai Siam opened 2026 with more cash and higher consolidated revenue, but the quarter did not close the financing test. The improvement was driven mainly by prepaid rent and new debt, while hotels closed in March and both Amnon Bay and Mevasseret still depend on near-term bank st…
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