Fattal Properties (Europe) Ltd. (TASE: FTEU) notified the Tel Aviv Stock Exchange this morning that it had signed an agreement to buy rights to land in Amsterdam on which it will build a 500-room, three-star hotel. Fattal will spend €47 million on construction and invest a further €6 million in equipment and furnishings. The hotel will also have a conference hall, meeting rooms, restaurant, and parking.
Construction will begin soon with Fattal estimating that the hotel will be completed by November 2018. Fattal is paying €12 million on signing the contract and the balance according to milestones during construction. Fatal will be taking a bank loan to finance 605 of the project.
Fattal chairman David Fattal said, "This deal is part of our strategic plan to expand our operations in Europe by buying hotels at attractive prices in high-demand locations."
Founded by David Fattal in 1998, Fattal Hotel Management currently has a total of 17,000 rooms in 100 hotels in Israel and Europe. The chain has 36 hotels in Israel, 16 of which it owns fully or in part, 13 of which it rents, and 17 of which it manages. The company has 64 hotels in Europe, of which it owns 35 fully or in part, rents 27, and manages two. In addition, last month Fattal signed agreements for six more European hotels - four in Slovenia, one in Scotland and one in Spain.
Published by Globes [online], Israel business news - www.globes-online.com - on October 18, 2016
© Copyright of Globes Publisher Itonut (1983) Ltd. 2016
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