The company bought a 35% in two Berlin hotels in March: the Excelsior and Steinplatz.
Fattal Hotel Management Ltd., owned by David Fattal, has bought the Aparthotel Hotel at Berlin’s Schoenefeld International Airport for $10 million. Schoenefeld Airport handles five million passengers a year, including flights by El Al Israel Airlines Ltd. (TASE: ELAL), Arkia Airlines Ltd. and Israir Airlines and Tourism Ltd.. The airport is being expanded in a project due to be completed in 2011.
Fattal Hotel Management bought a 35% stake in two Berlin hotels in March: the Excelsior and Steinplatz; and the company has a 15-year management contract for these hotels. Fattal believes Berlin has great tourism potential.
The Aparthotel has 148 rooms, five suites, conference rooms and a restaurant. The hotel provides rides to the airport every 20 minutes.
Fattal Hotel Management currently manages 4,200 rooms in 15 hotels in Israel, and has an estimated NIS 600 million revenue a year.
Published by Globes [online], Israel business news - www.globes.co.il - on September 3, 2006
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