Israel-based international hotel chain Fattal Holdings (1998) Ltd. (TASE: FTAL) has announced an investment of NIS 375 million in buildings in Lisbon and Liverpool, which it will convert into hotels and existing hotels in Budapest and Bucharest.
The company, controlled by chairman and CEO David Fattal, has signed an agreement to buy 1,840 square meters of land in Lisbon's Old City for €42 million. On the land in the Portuguese capital is an 8,500 square meter building for preservation, which Fattal will convert into a 150-room five-star hotel with a further investment of €22 million.
The 17th century building named for the feast of Corpus Christi has served as a church in the past and is of cultural and historical significance to Portugal. Fattal has bought the land with its own financial resources and is considering taking a loan to finance 60% of the actual hotel development.
Fattal has also bought a building in Liverpool city center for €7.2 million, which the company will convert into a 210-room. After the hotel is opened, Fattal will have 52 hotels in the UK and Ireland.
Fattal has also bought two more hotels in Eastern Europe - the 81-room Golden Tulip in the city center of Bucharest, Romania for €9.5 million and the 71-room M Square in Budapest, Hungary for €17 million.
Fattal Hotels has 43,000 rooms in 225 hotels in 20 countries (including hotels under construction). Of these hotels 93 are owned, 122 are leased and 10 are managed for other owners. The company has 49 hotels in Israel and 176 hotels in Europe.
Published by Globes, Israel business news - en.globes.co.il - on February 2, 2020
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