Published on : Wednesday, May 23, 2018
It is according to the report published by Globes, Fattal signed a 30-year lease on the 424-room hotel next to the Olympic park.
The company will pay €7.2 million a year in management fees or 32 percent of the hotel’s revenue turnover.
The shareholders’ equity at Fattal will jump €11 million upon completion of the hotel sale. However, the company’s EBITDA will drop €7.2 million each year.
Fattal completely or partially owns 48 of these properties, rents 79 of them and manages four. They span Germany, the UK, Spain, Belgium, Italy, Cyprus, the Czech Republic, the Netherlands, Switzerland, Poland, Hungary and Austria. Germany has the largest number of the company’s hotels, totaling 61 across the country.
David Fattal, founder of Fattal Hotels said that they will continue to operate their strategic plans and strengthening its grips in Israel and Europe to expand the company with new instruments.
The company’s latest opening in Europe was the Nyx Hotel in Madrid, Spain in the same month, according to Conference & Incentive Travel. The 180-room Nyx Hotel Madrid is Fattal’s third hotel operating under the Nyx brand. The next Nyx hotel is set to open in Bilbao, Spain in early 2019.