72 |
the deal is expected to take place in the third quarter of 2024 and is subject to conditions precedent.
Last the company completed a third partnership with institutional bodies in Israel to purchase active hotels in Europe with improvement potential, especially 4 to 5 star hotels. As of today, investment commitments totaling approximately 381 million euros January,
Guy Vardi and Viniv Amzallag, Mergers and Acquisitions Managers at Fattal Network and Partnerships Managers, said: “We thank
the KSL fund for their expression of confidence, which reflects our ability to carry out transactions of such a significant scope within a highly competitive procedure, in which we faced competitors from the leading entities in the field. The acquired hotels will benefit from the synergies of the Fattal Group, which provides guests with access to a diverse portfolio of hotels in attractive areas all over Europe and Israel. By focusing on properties that match Fattal’s standard of excellence, the partnership aims to create a collection of industry-leading hotels.” As part of the Fattal partnerships, which began in April 2022, 40 hotels in Europe were purchased, including the current transaction. Altogether the hotels include approximately 6,200 rooms, and reflect an investment of over 1.5 billion euros. Ronan Niesenbaum, CEO of Leonardo Hotels in the UK, Ireland, Benelux, Spain and Portugal, explains: “We are delighted with this transaction, which increases the Fattal chain’s number of hotels in the Benelux region to 28. The Fattal Group has shown great growth in recent years and now includes 292 hotels in 21 countries”
have been received, and it is estimated that the total investment will amount to approximately 400 million euros - equity. With the completion of this transaction, the third partnership signed transactions to purchase 21 hotels in Europe (containing over 2,500 rooms) at a total cost of approximately 546 million euros. The Fattal hotel chain, founded by David Fattal in March 1998, is an international and dynamic group specializing in the ownership, operation, rental and management of hotels, as well as the purchase and construction of new hotels. The network has shown an impressive and rapid growth trend over the years. The chain currently has 292 hotels, with approximately 52,000 rooms, in more than 127 destinations in Israel, Europe and the Mediterranean basin. From the beginning, the chain has striven for excellence, continues to expand its global activities in desirable destinations and demonstrates a large presence in 21 countries, including Germany, Great Britain, the Netherlands, Spain, Ireland, Poland, Israel, Austria, Italy, Greece, Cyprus and France.
Made with FlippingBook - professional solution for displaying marketing and sales documents online