Fattal Holdings (TASE: FTAL) has announced the acquisition of the Dilly Hotel in London and is aiming to invest an additional £90 million.
Instead of scaling back in times of uncertainty, the Israeli based hotel chain made a bold purchase of a lucrative asset. Opened in 1908, the Dilly Hotel is located in central London between Piccadilly and Regent Street. This acquisition is part of a newly revealed €400 million fund that Fattal raised in collaboration with a number of investors, which includes Bank Hapoalim.
The largest Israeli hotel operator that owns properties in twenty countries, has further strengthened its position in London. In Great Britain, the company operates under the Leonardo Hotels UK & Ireland brand. The Dilly Hotel will be added to the group’s portfolio of properties in the heart of London, which already comprises Leonardo Royal Hotels at London City, St. Paul’s, Tower Bridge, and the NYX Hotel Holborn.
Overall, the group is currently managing 52 hotels in the UK and Ireland. The managing director of Leonardo Hotels UK & Ireland, Jason Carruthers, said: “We are very pleased to be adding another iconic hotel brand with a long rich history to the Leonardo portfolio. Its experienced management team and dedicated employees fit very well into our broader portfolio and our strategy to position Leonardo Hotels as one of Europe’s most significant owners and managers of well invested, and strategically positioned hotels.”