Fattal, Leader buy in Germany

Under the contract, Fattal will gain the management rights of the hotels for the next 15 years.

By AVI KRAWITZ
February 20, 2006 07:34
1 minute read.
fattal hotel logo 88

fattal hotel logo 88. (photo credit: )

 
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The Fattal Hotel Chain has purchased 25 percent of two hotels in Berlin for an undisclosed amount, the company said Sunday, marking its first move into Europe. Under the contract, Fattal will gain the management rights of the hotels for the next 15 years. The first of the hotels, the Excelsior, located in the center of the city, has 316 rooms and a 4-star grading. Located next to the Excelsior, Fattal's second purchase, the Shteinplatz is currently undergoing a 5m. Euro conversion from an old aged home. The newly renovated 5-star hotel will have 160 rooms and is expected to be ready in December. David Fattal, owner of the Fattal Chain, said he was confident the company's experience in managing hotels in Israel would bring success to its operations abroad. Fattal will assume management in April. Separately, Leader Real Estate, in partnership with businessmen Ayal and Ari Alkon, purchased a number of commercial centers throughout Germany at an investment of 120m. Euro, Leader said Sunday. The transaction was financed with a loan from a foreign bank covering 90% of the investment, while Leader paid 6.6% of the total, an unnamed partner invested 3%, and the Alkon brothers covered the rest. Indirectly, Leader gained 67.5% of the business.

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