Fattal to build 500-room Amsterdam hotel

David Fattal, photo: Alon Ron

The Israeli hotel company plans completing construction of the Dutch hotel in November 2018.

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

5 Comments
View comments in rows
Update by email about comments talkback
POST
Comments
Your name
Please insert your name
Content
Hyperlink in a new window Hyperlink Right Left underline italic bold Bulleted List Ordered List Face1 Face2 Face3 Face4 Face5 Face6
Your comment

Thanks
You comment was recieved and soon will be published.
In posting comments, I agree to abide by the Terms of Use
Globes encourages lively and frank debate, but posts that the editors consider merely abusive or otherwise inappropriate will be removed. Report inappropriate content
Thank you for posting your comment, which will be reviewed for publication.
Loading Comments...load
Load more comments
David Fattal, photo: Alon Ron
David Fattal, photo: Alon Ron
Twitter Facebook Linkedin RSS Newsletters גלובס Israel Business Conference 2016