Builds & operates hotels in israel.
Pai Siam ended 2025 with a sharp jump in profit and equity, but the economics of the year still leaned mainly on development-property revaluation and fresh financing while the operating hotel base remained narrow.
Bond C did not push Pai Siam into covenant stress. It bought time on the public-debt side while bank debt remains the decisive funding layer and the year-end cash balance is not surplus cash once current financial claims are taken into account.
Central Jerusalem is the core of Pai Siam's story, but for now it is still mainly an appraisal and ownership-structure story rather than a proven cash engine. The Sagiv Ari step increases Pai Siam's share of Hotel Jerusalem, but it does not remove the dependence on opening, occu…
