Fattal raises €315m to buy 30 European hotels

Israeli resort chain operator Fattal Holdings (1998) Ltd. (TASE: FTAL) has documented that it has raised €315 million from Israeli institutional investors led by Harel Insurance Investments and Fiscal Expert services (TASE: HARL) and Menorah Mivtachim Group (TASE: MMHD) in purchase to increase its lodge portfolio in Europe. The quantity raised could boost to €400 million if Leumi Partners and other traders join the deal.

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Fattal intends shopping for 30 lodges and the enterprise, controlled by David Fattal (65%) options concentrating its acquisitions on Western Europe, predominantly in Germany, Spain and the United kingdom but the company mentioned it would also consider acquisitions in Poland, Greece and Portugal. The firm reported that it has by now purchased two hotels with 260 rooms in Malaga and Majorca in Spain for €40 million.

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Fattal now sees an chance in the wake of the Covid pandemic and thinks that though some restrictions are continue to in place in some EU nations, occupancy ranges and bookings indicate that the disaster is for the most aspect about, and the Russia-Ukraine war has not impacted tourism in Western Europe.

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Fattal CFO Shahar Aka stated, “The Covid disaster has produced an option in Europe to get hotel assets at eye-catching price ranges. The firm’s administration has been exposed to several chances on the continent in modern months and we feel that a lot more chances will be established during 2022 as hotel house owners who will be necessary to refinance loans that they have taken in the past from banking companies may experience funding problems.”

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As of March 2022, Fattal was operating 192 inns which were open out of 227 in the chain. The enterprise operates 170 motels in Europe and 57 in Israel. Fattal operates in 19 international locations and has 64 hotels in Germany and 48 inns in the Uk.

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In March 2022, Fattal recorded typical occupancy of 60% in its Israeli hotels compared with 74% in advance of the outbreak of the Covid pandemic in 2019. Common occupancy in Europe was 52.8% in contrast with 79% prior to the pandemic in 2019.

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Revealed by Globes, Israel business 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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