SPAIN: Israel’s Fattal Group has signed an agreement with KKR and Dunas Capital to buy six properties in a deal of more than 160 million Euros.
The properties, which are currently part of Alua Hotels and Resorts, are located on the islands of Ibiza and Mallorca.
The acquisition is a joint venture between Fattal and investors, Menorah, Harel and Leumi Partners and the transaction is expected to close in the second half of this year.
All the properties, including the two aparthotels have recently been renovated at a cost of 14 million Euros. Fattal plans to invest a further 20 million Euros to the new additions to its portfolio.
The two aparthotels are currently known as Aluasun Miami Ibiza Aparthotel (82 apartments) and Allua Hawaii Mallorca and Suites (230 rooms and 68 suites).
The properties feature pools, gyms, restaurants and bars, childrens’ rooms and other recreational facilities.
The Fattal Hotel Group is Israel’s largest hospitality organisations with 36 hotels and 9107 rooms under its management. These hotels are distributed across the country in Tel Aviv, Jerusalem, Tiberias, Dead Sea and Eilat.
The group also owns and manages 160 Leonardo-branded hotels in Europe.
These six additions to its portfolio brings Fattal’s Spanish hotel count to 16.
