Michael Federmann is a 65- year old billionaire from Israel. Billionaires are rare in this world of ours. They don’t come a long everyday. It is obviously not impossible to become a billionaire. There are avenues out there that can make it happen. You could be a famous actor who has had a long and prosperous career. You could be an athlete that has lasted many years and earned numerous endorsement deals. Then of course you could invent some crazy item that takes the world by storm and makes you rich beyond your wildest imagination. It does happen. You could start a business that produces a valuable commodity that brings you great wealth or like this fellow you could inherit it.
Yes, he inherited his fortune from his uncle and father Yekutiel and Shmuel. Although he was left a great fortune do not be misled. He had to keep it on his very own ability. Not only did he keep it but he grew it as well. His father and uncle started it all for him in 1947. It was then that they purchased a small boarding house with 21 rooms on seashore in Tel Aviv. It was then that Dan Hotels Corp was born. His father and uncle had a dream that they passed down to him. He took that dream and ran with it. Like many entrepreneurs he had a persistent itch that just had to be scratched. He and his cousin took the bull by the horns and turned the company into a gold mine.
He managed to squeeze in a degree in both political science and economics. Both have served him quite well. He has spent 4 decades in management with the company and in that time he and his family built an empire. The small boarding house that gave birth to a dream just after World War II has grown into no less than 13 grand hotels that sport more than 3,300 rooms. That is a far cry from the 5 hotels and 1,000 rooms that existed when he took the helm. Only this year he was nominated for the prestigious ‘Hotelier Of The World’. He had worked hard to earn it.
But all of his fortune does not rest in the hotel world alone. He and his family also have a little less than 50% interest in a major defense hardware company called Elbit Systems. They now own two-thirds interest in the Dan Hotel Corp. He has acquired more than a fortune along the way. He also managed to obtain a wife and three children. He is the Board of Director Chairman for the hotel chain. He will one day pass his wealth on to his children as his father had done for him. His continued persistence and passion for business has earned him much admiration over the years. He inherited his fathers business but it was his entrepreneur spirit that made it what it is today.
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