Fattal Holdings (1998) Ltd. (TASE: FTAL), managed by David Fattal, notified the Tel Aviv Stock Exchange (TASE) this morning that its new lodge undertaking in Europe, established up as a partnership with institutional buyers to obtain hotels in Europe, has signed a binding agreement together with the KKR investments fund, to obtain, specifically or indirectly, 4 Spanish businesses keeping ownership legal rights for 4 lodges, and two apartment motels from the Spanish Alua chain, for €165.5 million. When the offer is completed, Fattal will own 16 resorts in Spain.




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Of the new resorts acquired, Fattal will own 33%, Harel 20%, Menorah Mivtachim 20% and Leumi Associates, Hachshara Insurance and Shlomo Insurance policy alongside one another 27%. The motels acquired are 4-star establishments with 1,119 rooms on the seafront in Ibiza and Majorca. The partners will finance the offer from their possess money and a €95 million lender financial loan. The partners have by now bought two inns in Malaga and Palma.

Fattal said that in the latest several years €14 million has been invested in renovating the resorts and strategies are for €20 million much more to be invested in renovating the inns and strengthening their appearances and services.

When the acquisitions are concluded, Fattal will rename the hotels under its different brand names which includes Leonardo, Leonardo Royal and NYX.

Printed by Globes, Israel organization information – en.globes.co.il – on July 10, 2022.

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