In one of the largest hotels deals in Europe in recent years, David Fattal continues to pursue expansion plans through acquisition of Queens Moat Houses (Germany) Holding GmbH
/ By Irit Rosenblum /
In one of the largest hotels deals in Europe in recent years, the Israeli hotel company, Fattal Hotels, together with a consortium of international investors have signed a binding agreement to acquire the entire share capital of the Queens Moat Houses (Germany) Holding GmbH group of hotels that presently consists of 20 hotels, 15 of them Holiday Inns, four Best Western Hotels and one Queens Hotel.
The properties are located in Berlin, Munich, Düsseldorf, Frankfurt, Cologne, Hamburg, Heidelberg, Wolfsburg, Hanover, Baden-Baden, Aachen, Mönchengladbach and Karlsruhe. The portfolio comprises approximately 3, 600 rooms, 28 bars and 29 restaurants as well as 154 conference rooms with a total area of 9, 675 square meters.
“The investment is in line with our expansion plans – the hotels complement our existing Leonardo chain of hotels perfectly. We still want to continue to grow and are negotiating further projects in major cities in Europe”, explains David Fattal, CEO of Fattal Hotels/Leonardo Hotels.
Daniel Roger, General Manager of Leonardo Hotels Europe, also emphasises: “We are pleased that we have been able to include hotels in new locations and additional hotels in existing locations in our offer. With the take-over, we are now represented in 20 cities. This way we can offer our guests an expanded range – at Leonardo’s usual high standard.”
With this new portfolio, Fattal Hotel Group grows to 85 hotels with over 16, 000 rooms. 54 hotels and 8, 449 rooms are located in Europe (Austria, Switzerland, Belgium, Hungary and Germany) and 31 hotels with 7, 600 rooms are located in Israel. Following the QMH Germany portfolio acquisition, Fattal Hotels will be managing 45 hotels in 20 cities in Germany.
Corporate advisory services were provided to Fattal Hotels and the consortium of international investors by Tuvi Keinan of Brown Rudnick. Finance will be provided by M&G Investments and DRC, legal assistance provided by White&Case, Brown Rudnick, Gornitzky and SJ Berwin and consultancy was provided by Ernst & Young, KPMG, Treugast and Macon and Christies + Co as advisers to the sellers.