Migdal buys 10% of Fattal

Fattal owns and operates 39 hotels in Israel and Europe, and last year reported turnover of NIS 700m.

Migdal Insurance and Financial Holdings Ltd. announced on Tuesday that it has purchased 10 percent of David Fattal Hotel Management Ltd. for NIS 570 million, bringing the number of real estate deals the insurance company has entered into over the last few weeks to three. Fattal owns and operates 39 hotels in Israel and Europe, and last year reported turnover of NIS 700m. Included among the Israeli hotels owned by Fattal are the Meridian, the Golden Tulip and Club Med-Eilat.