Fattal Hotel Management Ltd. has closed the deal to buy a portfolio of 20 hotels in Germany for NIS 1.5 billion. The deal involves fifteen Holiday Inns and five Best Western hotels owned by Goldman Sachs Group Inc. (NYSE: GS). The hotels, in 14 cities, have 3,649 beds altogether. They had an average occupancy rate of 67% in 2011 and €107 million revenue.,
David Fattal said today, "It is proud for Israel to turn the Leonardo chain into one of the leading and best known brands in European tourism."
With the closing of the deal, Fattal Hotels, which operates under the Leonardo brand, will own 55 hotels, with 9,000 rooms and 3,000 employees, in Europe, mostly in Germany, which has become a growing tourist attraction, with more than 20 million tourist overnights in Berlin alone. The company also has hotels in Belgium, Austria, Hungary, and Switzerland.
Sources inform ''Globes'' that Fattal is considering floating this business in Europe.
Published by Globes [online], Israel business news - www.globes-online.com - on February 27, 2013
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