David Fattal, the founder of the Israeli Fattal Hotel Chain, has just closed a major deal. The Fattal Hotels Group, which he owns in partnership with the British Leopard Group, announced over the weekend that it signed a deal to sell 18 hotels in Germany to the Swedish hotel chain Pandox for 1.7 billion shekels (approximately $445.3 million.) The deal is expected to be finalized by the end of 2015. The hotels being sold comprise 18 of 20 hotels belonging to the Holiday Inn chain that Fattal and partners from the QMH Group acquired in 2013 for 1.2 billion shekels (about $314.3 million). The deal will make Fattal a strategic partner with Pandox, as Fattal's group will rent the hotels from the Swedish company for a period of 25 years and become a member of the Pandox directorship under the Leonardo hotel brand. The deal is expected to generate some 22.5 million euros in rent annually. Fattal discussed the acquisition, saying that "we entered the German market at a time when Europe was in crisis and we managed to create an impressive yield and build Leonardo as a brand."
Israeli hotelier sells 18 hotels in Germany for over $445 million
Fattal Hotels Group and partner Leopard Group sell 18 of 20 Holiday Inn hotels in Germany to Swedish chain Pandox • Hotelier David Fattal: We entered Germany in a time of crisis and managed to create an impressive yield and build our brand.
Load more...