Israel-based Fattal Hotel Group enters the Romanian market through the €9.5 million acquisition of the 4-star Golden Tulip hotel in central Bucharest.
The building was purchased in 2007 by the real estate investment fund Atlas Estates, with Israeli shareholders, for €12 million. Three years later, a controlling stake was taken over by Fragiolig, a subsidiary of the real estate company Izaki Group, a founding member of Atlas Estates.
The Fattal hotel chain is the one that introduced the all-inclusive system in Israel. In 2007, Fattal expanded its activity in Europe and opened its first hotel outside the country, in Berlin, Germany. Since then, the hotel chain has expanded to other parts of Germany and other European countries such as Switzerland, Austria, Belgium, and Hungary. In 2009, the company completed one of the largest deals in the industry and acquired Azorim hotels, becoming the largest hotel chain in Israel. Today, it manages hotels under brands including Leonardo (24 hotels), Herods (6 hotels), U Hotels (3 hotels), Rothschild (1 hotel), and NYX (2 hotels).
Globally, it manages 225 hotels totaling 43,000 rooms, including units under construction, leased, or managed for other owners. In total, it has 49 hotels in Israel and 176 in Europe. In Bucharest, it also operates the Golden Tulip Times hotel, in the Piata Muncii area.
Source: Profit
Frequently Asked Questions
Who acquired the Golden Tulip hotel in Bucharest?
The Israel-based Fattal Hotel Group acquired the 4-star Golden Tulip hotel located in central Bucharest.
What was the acquisition price for the Golden Tulip hotel?
The transaction was valued at 9.5 million EUR.
What other hotel does the Fattal Group operate in Bucharest?
In addition to the newly acquired property, the group also operates the Golden Tulip Times hotel in the Piata Muncii area.