Fattal Holdings continues to expand in Europe: acquired land in Lisbon for € 42 million

Fattal Holdings, which is controlled by its chairman and CEO, David Fattal, continues to expand in Europe. The company reported on Monday that it has signed an agreement to acquire a 1,840-square-foot land-based company in the Old City of Lisbon, Portugal, for about € 42 million.
There is an 8,500sqm conservation building in the area and Fattal plans to invest another € 22 million in the construction of a luxurious 5-star hotel, which will include 150 rooms.
In Fethal, the property purchased is significant in Portuguese history and culture, served as a church for local residents, and is an attractive destination for tourists arriving in the Old City. It was named after the Christian holiday Corpus Christi, built in the mid-17th century and with an existing building permit.
At the same time, Fattal announced the acquisition of a property in Liverpool city center on which it is expected to build a hotel. The company has purchased the property from € 7.2 million. Following the establishment of the 210-room hotel, the company will hold 52 hotels in the United Kingdom and Ireland.
In Fethal, we have updated two more acquisitions to strengthen the company's presence in Eastern Europe. The first - the purchase of the Golden Tulip Hotel in Bucharest, the capital of Romania, for about € 9.5 million. The hotel has 81 rooms and is located in the city center and near the Old City. As part of the second deal, Fattal acquired the M square hotel in central Budapest, Hungary's 71-room capital, for around € 17 million. The company notes that the hotel was renovated last year and reopened last October. These transactions were also funded by the Company from its independent sources and it examines various means of financing the transactions at up to 60%.