Bank Hapoalim to finance 12 Hotels in Netherlands with €260M

Bank Hapoalim has been leading the banking system in Israel over the years in the field of hotel financing in cooperation with leading hotel groups in Israel and the world, as part of the trend of increasing investments by Israeli companies, foundations and institutional bodies abroad. 

The hotel industry in the world has recovered impressively from the corona crisis and in recent years tourism in the world in general and in Europe in particular is showing record figures even compared to the period before the corona.

In recent days, Bank Hapoalim completed a significant financial closing to finance the purchase and renovation of a portfolio that includes 12 hotels in Amsterdam and other major cities in the Netherlands. The total cost of the purchase and renovation is estimated at €405 million.  

As part of the financing, Bank Hapoalim organized and led a syndication deal in the amount of €260 million, for the purchase and renovation of the hotels. The move is carried out in cooperation with the Dutch bank ING - one of the largest banks in the Netherlands and Europe - which participates in the financing of the transaction. 

The deal was made as part of Fatal chain's partnership with leading institutions in Israel and was recently completed. As part of the transaction, 12 hotels were purchased for approximately 360 million euros and the chain intends to invest an additional 45 million euros in upgrading the hotels.

The purchased hotels consist of five hotels in Amsterdam, including the iconic Eden Hotel, as well as seven hotels in the cities of Rotterdam, The Hague, Eindhoven, Groningen, and Maastricht, totaling 1,522 rooms. With the completion of the purchase, the Fatal chain owns 26 hotels in the Netherlands, which together include approximately 4,000 rooms. 

The financing transaction was carried out by the overseas financing unit in the complex financing products sector under the management of Benny Haddad in the business division of Bank Hapoalim.