Sources inform ''Globes'' that Fattal Hotel Management Ltd. has bought the Leonardo Inn Hotel Dead Sea from Elad Hotels Ltd., controlled by Yitzhak Tshuva, for NIS 30 million. Fattal Hotel already manages the hotel, which was previously called the Tulip Inn.
The 100-room Leonardo Inn Hotel Dead Sea is at Ein Bokek, on the shore of the Dead Sea, at the foot of Mount Sdom. Fattal Hotel already owns several hotels in the area, including the 220-room Leonardo Plaza (formerly the Sheraton Plaza), which will be rebranded under the Herods Dead Sea, as part of the company's strategy to expand the Herods brand in Israel; the 280-room Leonardo Dead Sea; and the 380-room Leonardo Club Dead Sea. The company also manages, but does not own, the 580-room Le Meridien Dead Sea.
The Leonardo Inn Hotel Dead Sea occupies an 18-dunam (4.5-acre) lot, and has building rights to increase the number of rooms to 400.
Bank Leumi (TASE: LUMI) financed the deal.
Published by Globes [online], Israel business news - www.globes-online.com - on December 14, 2010
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