Fattall Hotels group has secured a €38.6m loan from specialist lender Leumi UK to support the refinancing of three hotels in Italy.
The hotels are Leonardo Hotel Verona, Leonardo City Centre Milan, and the Leonardo Boutique Rome Termini.
Fattal Group’s Italian portfolio also includes NYX Hotel in Milan, Leonardo Hotel in Lake Garda, and NYX Hotel Rome.
Last year, Leumi UK lent around £44m to finance the acquisition and refurbishment of the Grand Brighton Hotel owned by Fattal.
Molly Katz, CFO at Fattal Hotel Group, said: “We’re excited to continue our partnership with Leumi, who consistently demonstrate trust in our vision and dedication to enhancing the hospitality experience in Italy. With Italy being a major focus for Fattal, we look forward to exploring new growth and expansion opportunities in this exciting and thriving sector.”
Liam Mullans, relationship director at Leumi UK, said: “This deal was lengthy and complex, demanding considerable time and specialised legal knowledge to get us to completion stage.
“Our team worked diligently with our borrower, whose strong market position and excellent track record meant that we were able to cross every hurdle, manage the deal’s intricacies and secure a successful outcome for both parties. We look forward to monitoring this deal and collaborating with the team on future projects, especially given the current strength of the hotel market.”
David Middleton, legal counsel at Leumi UK added that the structuring of the deal was “elaborate with many moving parts”.
“This was a cross-border transaction utilising different forms of debt instruments to satisfy cross-border regulations. The teams that were assembled to tackle this complex task were highly driven and experts in their respective fields,” he added.
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