Italy: Lender Leumi UK has lent €38.6 million to Fattal Hotels Group to support the refinancing of three hotels in Italy.
The properties include Leonardo Hotel Verona, the Leonardo City Centre Milan, and the Leonardo Boutique Rome Termini.
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.”
Fattal’s portfolio in Italy also includes NYX Hotel in Milan, Leonardo Hotel in Lake Garda, and the recent addition of NYX Hotel Rome (formerly Cicerone Hotel).
David Middleton, legal counsel at Leumi UK, added: “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.
“It was an absolute pleasure to work with the sponsor and their teams to get such a complicated finance project over the line and the collaboration between all parties has further strengthened the existing relationship between the Leumi Group and the sponsor.”
Last year, Leumi UK lent £43.7 million to Fattal which financed the acquisition of refurbishment of The Grand Brighton.
