Israeli hotel chain Fattal Hotels has agreed to the acquisition of hotel group Queens Moat Houses Holding, in a JV with an international investment consortium from Goldman Sachs Group.
The parties agreed not to disclose the purchase price. However, according to Israeli business magazine Globes, the sales price is NIS1.5bn (€308.60m).
UK investor M&G Investments and DRC provided financing for the transaction.
Queens Moat Houses Holding has a portfolio of 20 hotels, containing 15 Holiday Inn Hotels, four Best Western Hotels and a Queens Hotel located in the German cities of Berlin, Munich, Düsseldorf, Frankfurt, Cologne, Hamburg, Heidelberg, Wolfsburg, Hannover, Baden-Baden, Aachen, Mönchengladbach and Karlsruhe.
The portfolio has a total lettable space of 9,675 m2 and comprises hotel rooms, catering facilities and meeting rooms.
The acquisition brings Fattal Hotel Group’s portfolio up to 85 hotels of which 54 are located in Europe including Austria, Belgium, Germany, Hungary and Switzerland.
