The Golden Tulip Victoria transaction has been finalized
The acquisition of Golden Tulip Victoria in Bucharest has been finalized after David Fattal, the owner of the Real Estate & Construction hotel group, had initially withdrawn from the transaction. The consequence was the loss of a €300,000 deposit.
In September 2021, the buyer offered a new deposit of €600,000, reconsidering his decision.
Yoram Biton will handle the hotel’s management for a period of 15 years, according to the mandate; he is the managing director for Central Europe of the Leonardo hotel chain, which is part of the Fattal group.
The Golden Tulip hotel was sold by real estate investor Atlas Estates for the sum of €7.3 million, a figure that includes the ongoing loans that were taken over.
Golden Tulip is a 4-star hotel with 81 rooms.
During the pandemic, the hotel was closed in April and May 2020, which led to a 76% decrease in the occupancy rate that year compared to the previous year.
In 2021, the occupancy rate began to increase, and revenues amounted to €7.4 million compared to €6.6 million in 2020.
Loan repayments used to finance Golden Tulip were suspended until the end of 2021, and the maturity date was extended by 3 months, until September 2026.
Frequently Asked Questions
Who acquired the Golden Tulip Victoria hotel?
The hotel was acquired by the Fattal Group, owned by David Fattal, after an initial withdrawal from the deal and a subsequent reconsideration in 2021.
What was the final transaction price for the hotel?
The hotel was sold by Atlas Estates for €7.3 million, a sum that includes the assumption of existing loans.
Who will manage the Golden Tulip Victoria hotel?
Yoram Biton, Managing Director for Central Europe at Leonardo Hotels (part of the Fattal Group), will manage the hotel for a 15-year term.