The Fattal Holdings (1998) Ltd. (TASE:FTAL) hotel chain today followed its successful TASE IPO by announcing construction of the NYX Jerusalem Hotel, scheduled to open in 2021.
The new hotel, Fattal's fourth in the capital, will be located in the heart of the Mahane Yehuda open air market as part of the 8.5-dunam (2.125-acre) Etz Haim site, which has residences, hotels, commerce, culture, and internal courtyards.
The hotel will be divided between two buildings with a total of 168 rooms, including 12 suites. One of the buildings will have 144 rooms, commercial space, and a bar on the roof. The other building, which is designated for preservation, will have 24 rooms and public spaces, including a lobby, bar, restaurant, and an external balcony. The hotel will also have an underground parking lot, a fitness room, and a swimming pool.
Architect Ian Bader from the Pei, Cobb, Freed & Partners firm, the same firm designed Louvre museum in Paris, designed the hotel in cooperation with the Barely, Coby Levitzky and Moti Kassif and Feigin architectural firms.
Fattal Holdings business manager Assaf Fattal, who is responsible for opening new hotels for the chain, said, "Jerusalem is undergoing a period of prosperity in tourism, and we are glad to take part in this development. The NYX brand name, the chain's lifestyle brand, provides a different, young, and cool experience. We expect it to also be attractive to new groups that have not yet stayed at the existing Fattal hotels in Jerusalem. The hotel's location in the Mahane Yehuda market will also be a significant factor in attracting a colorful and diverse group seeking to enjoy a complete authentic Jerusalem experience - the past, present, and future - the old and the new."
The NYX brand includes a hotel on Harakevet Street in Tel Aviv, and the NYX Herzliya Hotel is scheduled to open in 2019. The brand also has hotels in Prague and Milan in Europe, and will soon open a hotel in Madrid and another later this year in Munich. Additional hotels of the brand are slated for opening in Europe in 2019.
Fattal Holdings, founded in 1998 by David Fattal, recently held its IPO on the TASE. The chain, which sought to raise NIS 340 million at a company value of NIS 3.4 billion, before money, obtained commitments from investment institutions to buy shares for NIS 900 million. The company raised NIS 427 million at a company value of NIS 3.85 billion in the part of the IPO for institutions, with participation from Psagot Investment House Ltd., Harel Insurance Investments and Financial Services Ltd. (TASE: HARL), Yelin Lapidot, and Clal Insurance Enterprises Holdings Ltd. (TASE: CLIS).
Fattal Holdings currently has 167 hotels with 32,000 rooms in 17 countries worldwide, including Germany, Spain, the Netherlands, Italy, Poland, England, Ireland, Scotland, Belgium, and Paphos in Cyprus. Shareholders the company before the IPO included David Fattal (71.8%), his divorced wife Hadassah Fattal (9.65%), and Migdal Insurance and Financial Holdings Ltd. (TASE: MGDL) (18.55%). The cost of David Fattal's salary as CEO of the company is NIS 9 million annually.
Published by Globes [online], Israel Business News - www.globes-online.com - on March 18, 2018
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