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Fattal raises €315m to buy 30 European hotels

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Israeli lodge chain operator Fattal Holdings (1998) Ltd. (TASE: FTAL) has described that it has elevated €315 million from Israeli institutional buyers led by Harel Insurance Investments and Economical Products and services (TASE: HARL) and Menorah Mivtachim Group (TASE: MMHD) in get to broaden its hotel portfolio in Europe. The amount of money raised could improve to €400 million if Leumi Associates and other investors be a part of the deal.

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Fattal intends buying 30 motels and the business, controlled by David Fattal (65%) strategies focusing its acquisitions on Western Europe, mostly in Germany, Spain and the United kingdom but the firm explained it would also consider acquisitions in Poland, Greece and Portugal. The enterprise claimed that it has previously acquired two inns with 260 rooms in Malaga and Majorca in Spain for €40 million.

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Fattal at present sees an option in the wake of the Covid pandemic and thinks that though some limitations are even now in place in some EU countries, occupancy levels and bookings indicate that the crisis is for the most part in excess of, and the Russia-Ukraine war has not impacted tourism in Western Europe.

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Fattal CFO Shahar Aka reported, “The Covid disaster has developed an prospect in Europe to obtain resort belongings at appealing selling prices. The firm’s administration has been uncovered to numerous options on the continent in new months and we feel that much more opportunities will be designed through 2022 as hotel entrepreneurs who will be essential to refinance financial loans that they have taken in the previous from banks may perhaps experience funding challenges.”

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As of March 2022, Fattal was working 192 hotels which had been open out of 227 in the chain. The organization operates 170 resorts in Europe and 57 in Israel. Fattal operates in 19 international locations and has 64 inns in Germany and 48 resorts in the British isles.

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In March 2022, Fattal recorded average occupancy of 60% in its Israeli resorts when compared with 74% before the outbreak of the Covid pandemic in 2019. Regular occupancy in Europe was 52.8% as opposed with 79% prior to the pandemic in 2019.

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Released by Globes, Israel enterprise information – en.globes.co.il – on April 17, 2022.

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© Copyright of Globes Publisher Itonut (1983) Ltd., 2022.

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