Fattal Hotel Management Ltd. is expanding its European operations, with the signing of a contract to manage two hotels in Austria and Switzerland.
Fattal Hotel launched its European operations five and a half years ago, under the Leonardo label, which following the latest agreement, now manages 36 hotels in Belgium, Germany, Austria, Switzerland, and Hungary. The company wholly or partly owns 25 of the hotels, and manages the rest.
The Leonardo chain's annual turnover is €100 million, and it has 1,800 employees. Fattal's partners in its overseas operations include Migdal Insurance and Financial Holdings Ltd. (TASE: MGDL), Menorah Mivtachim Holdings Ltd. (TASE: MORA), and Delek Real Estate Ltd. (TASE: DLKR).
The first of the two new hotels is the Alden Luxury Suite Hotel in downtown Zurich. The five-star hotel has 22 suites. It is located in a former palace, which was built in 1895 and renovated in 2004. The second hotel is the Leonardo Vienna, located in the old city. The eight-storey hotel has 213 rooms and 78 suites, and is due to undergo an €15 million renovation shortly.
"It is with great pride that we see the Israeli flag flying over two more hotels in Europe. We have succeeded in creating a strong brand in Europe within just a few years, and we expect to have 60 hotels in Europe within three years, and 100 hotels in the Fattal chain altogether," Fattal Hotel Management CEO David Fattal said.
Published by Globes [online], Israel business news - www.globes-online.com - on July 3, 2012
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