Fattal raising more funds to capture opportunities in Europe – HOTELSMag com hotelsmag.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from hotelsmag.com Daily Mail and Mail on Sunday newspapers.
Europe Hotel Transactions Bulletin - Week Ending 19 March 2021 hospitalitynet.org - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from hospitalitynet.org Daily Mail and Mail on Sunday newspapers.
Fattal sells, leases back two Munich hotels
The deal will generate cash flow of NIS 130 million for the Fattal group, which has reopened its hotels in Israel.
Fattal Properties (Europe) Ltd. announced today that it had signed sale and leaseback agreements on two hotels in Munich: Leonardo Hotel & Residence Munich and Leonardo Hotel Munich City West, for €77 million (NIS 305 million, of which NIS 16 million is earmarked for renovations).
In addition, Fattal s management company in Germany, Sunflower Management GmbH & Co. KG, has signed a lease agreement with the buyers whereby the two hotels, which contain 368 rooms, will be leased to it for 25 years for €2.52 million annually for Leonardo Hotel & Residence Munich and €0.93 million for Leonardo Hotel Munich City West. The company has, however, received a discount because of the coronavirus pandemic, and will pay just €1.78 million annually for the first 21 months.