Four months after announcing his intention to create a hotel fund, David Fattal, Delek Belron International Ltd., Migdal Group, Old Mivtachim, Menorah Mivtachim Holdings Ltd. and Dorea Investment and Development Ltd. signed the Fattal Hotel Fund Founding Agreement.
By MATTHEW KRIEGERfattal hotel logo 88(photo credit: )
Four months after announcing his intention to create a hotel fund, David Fattal, Delek Belron International Ltd., Migdal Group, Old Mivtachim, Menorah Mivtachim Holdings Ltd. and Dorea Investment and Development Ltd. on Sunday signed the Fattal Hotel Fund Founding Agreement.
The six companies will invest a combined total of some NIS 2 billion in hotel opportunities in Germany, Austria, Switzerland, Holland and Belgium. The management of the hotels will be handled by the European division of the Fattal Hotel Chain.
Fattal said he expects the Fund to invest in 20 hotels across Europe over the next two years. The Fund's initial investment of EU45m. consists of investments in several hotels in Germany in Hamburg, Dresden, Frankfurt and Nuremberg.
