Leumi UK has provided a £43.7m loan to an SPV of Fattal Hotel Group to help fund the acquisition and refurbishment of the five-star Grand Brighton Hotel.
Fattal is one of Israel’s largest hotel operators, with 253 hotels spread across 20 countries.
Liam Mullans, relationship director at Leumi UK, said: “We are pleased to have been able to provide Fattal Hotel Group with numerous successful facilities over the years, and during that time we have developed a strong relationship which has helped us to better understand their goals and work more expeditiously to support their ambitions. That relationship helped us to execute this deal in a swiftly manner, with approval post credit taking just eight weeks.”
Guy Vardi and Yaniv Amzaleg at Fattal Hotel Group added: “We were delighted to partner with Leumi UK on the acquisition of this iconic hotel. 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 now 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 €800m.”
Cushman and Wakefield acted as valuers and DLA Piper acted as Leumi UK’s legal counsel.
