Leumi UK has lent €38.6 million to Fattal Hotels Group to support the refinancing of three hotels in Italy.
The loan will aid the refinancing of Leonardo Hotel Verona, The Leonardo City Centre Milan and the Leonardo Boutique Rome Termini, all located in Italian holiday hotspots as Italy remains a major focus for Fattal. Fattal’s Italian portfolio also includes the NYX Hotel in Milan, Leonardo Hotel in Lake Garda and NYX Hotel Rome, bringing the total number of their hotels in Italy to seven.
This loan is the latest between Leumi UK and Fattal, with the specialist lender last year lending Fattal around £44 million to finance the acquisition and refurbishment of the five-star Grand Brighton Hotel.
What they said
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 added: “This deal was lengthy and complex, demanding considerable time and specialized 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: “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. 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.”