Israel-based international hotel chain Fattal Holdings (1989) Ltd. (TASE: FTAL) has taken advantage of the UK economic crisis and the weakness of sterling to acquire the Dilly Hotel in Piccadilly Circus for £90 million. Fattal will invest a further £85 million in renovating and refurbishing the hotel.
Buying the Dilly Hotel is the latest acquisition by Fattal in recent weeks. Two weeks ago, together with partners, Fattal acquired a hotel in Austria for €32 million, which will operate under the Leonardo brand.
The Dilly Hotel, located between Regent Street and Piccadilly, is a five-star deluxe hotel with 283 rooms, which was opened in 1908. Among other things the hotel has an indoor swimming pool, gym, and squash court. The deal will be financed by Fattal itself as well as credit from Mizrahi Tefahot Bank and Bank Hapoalim (TASE: POLI).
The deal reinforces Fattal's presence in Central London where it already operates Leonardo Royal Hotel Tower Bridge, Leonardo Royal Hotel St. Paul's and the Leonardo Royal Hotel London City as well as the NYX Hotel Holborn.
Fattal Hotels CEO Spain, UK, Ireland and Portugal Ronen Nissenbaum said, "The Dilly Hotel in London is an icon in the tourist world and is one of the best and most famous hotels in England, located close to shopping areas."
He added, "The hotel will be a significant and prestigious addition to the Fattal Group's asset portfolio in Britain, which will include after the completion of the deal 11,000 rooms in 54 hotels."
Published by Globes, Israel business news - en.globes.co.il - on October 19, 2022.
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