Specialist lender Leumi UK has lent €38.6 mln to client Fattal Hotels Group to support the refinancing of three hotels in Italy.
The hotels are Leonardo Hotel Verona, The Leonardo City Centre Milan, and the Leonardo Boutique Rome Termini.
Fattal Group know the Italian market well, their portfolio also includes NYX Hotel in Milan, Leonardo Hotel in Lake Garda, and their most recent acquisition this year; NYX Hotel Rome (the previous Cicerone Hotel), bringing the total portfolio in Italy to seven hotels.
Last year, Leumi UK lent £44 mln to finance the acquisition and refurbishment of the famous 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 specialized legal knowledge to get us to completion stage.'
David Middleton, legal counsel at Leumi UK, said: '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.'
