Fattal secures £43m loan to purchase the Grand Brighton hotel
Fattal hotel group has secured a £43.7m loan to fund its acquisition and refurbishment of the 159-year-old Grand Brighton hotel.
The owner of Leonardo Hotels UK and Ireland announced in February it had purchased the 201-room seafront property for a reported £50-£60m.
Israel-based Fattal said it planned to "invest significantly" in the Victorian hotel to retain its "iconic status".
Specialist property lender Leumi UK provided the loan to a special purpose vehicle of Fattal to fund the deal.
The Grand will sit under Fattal's Limited Edition Hotel brand, which also includes the Midland Manchester hotel and the Dilly in London's Piccadilly, which the group bought for an estimated £80-£100m last year.
Co-CEOs at Fattal, Guy Vardi and Yaniv Amzaleg, said: "The [Grand Brighton] hotel is a perfect fit with the rest of our Limited Edition Hotels in the UK.
"We have big plans for the hotel and will now start planning the extensive renovation program."
Fattal operates 253 hotels across 20 countries, including the NYX, Leonardo Hotels and Jury's Inn brands.
The group has spent more than €800m (£693.6m ) on acquiring 18 hotels over the past 12 months alongside its institutional investors in the Fattal European Partnership.
Cushman and Wakefield acted as valuers while DLA Piper acted as Leumi UK's legal counsel.
