Leumi UK has agreed to provide a £43.7m loan to a special purpose vehicle for Fattal Hotel Group, which will use the funding to buy and refurbish the five-star Grand Brighton Hotel.
The 201-bedroom hotel was acquired from the Weston family’s Wittington Investments arm earlier this year.
Fattal Hotel Group’s Guy Vardi and Yaniv Amzaleg, said: “The hotel is a perfect fit with the rest of our limited-edition hotels in the UK which include, the Midland Manchester Hotel and the Dilly Hotel in London Piccadilly.
“We have big plans for the hotel and will start planning the extensive renovation programme. The Grand Brighton hotel is the 18th hotel we acquired in the last 12 months, together with our institutional investors in the Fattal European Partnership, with a transaction volume of more than €800m (£638m).”
Cushman and Wakefield acted as valuer on the deal.
To send feedback, e-mail pui-guan.man@eg.co.uk or tweet @PuiGuanM or @EGPropertyNews
