May 28–Fattal Holdings, controlled by David Fattal, yesterday signed a deal to acquire 18 hotels in Europe belonging to the hotel fund in which he is a partner. The deal reflects a euro200 million value for the properties.

This hotel fund, founded by Fattal in 2007, consists of the Tshuva group (21%), Migdal Insurance and Financial Holdings Ltd. (TASE: MGDL) (20%), Menorah Mivtachim Holdings Ltd. (TASE: MORA) (6%), Amitim (10%), Liberty Properties (11%), and the Fattal group (32%).

The fund, founded just before the outbreak of the 2007 European economic crisis, was designed to acquire four-star municipal and business hotels in Europe. The fund’s hotels include 12 hotels in Germany, one in Switzerland, and five in Belgium.

Investments by the partners in the fund totaled euro89 million in 2007-2009, and the return for the partners has totaled euro54 million to date.

A year ago, Fattal bought the Leonardo Royal Hotel in Munich, Germany from the fund for euro95 million, giving the partners in the fund a 110% return on that hotel.

The current sale of hotels to Fattal Holdings will give the partners a euro124 million return, amounting to 37%.