Israel-based hotel group Fattal Hotels Group is to acquire all 12 Zien Group hotels in the Netherlands.
Leonardo Hotels, a brand of Fattal Hotels, announced that it has entered into an agreement with Zien Group to purchase the hotels from its owners, KSL Capital Partners LLC and Garden Capital Group.
The deal will make Leonardo Hotels one of the leading chains in the region, bringing the brand’s portfolio in Benelux to 28 properties. The acquired platform includes five hotels in Amsterdam and several more in major cities such as Rotterdam, The Hague, Eindhoven, Groningen and Maastricht.
The acquisition adds 1,522 rooms to the Leonardo Hotels portfolio, bringing the total number of rooms in the Netherlands and Belgium to 4,161. Several well-known hotels in Amsterdam, such as the Eden Hotel, Lancaster Hotel and The Manor, are now part of Leonardo Hotels.
Other terms of the transaction, which is expected to close in the third quarter, were not disclosed.
“These new hotels will benefit from the synergies of joining a much larger hospitality group, giving our guests access to a strong portfolio of hotels in an increasingly attractive hospitality sector,” said Guy Vardi and Yaniv Amzaleg, head of M&A at Fattal and managing director of Fattal European Partnerships.
According to them, investors can look forward to strong returns on their investments as we continue to grow.
The Zien Group’s portfolio of 12 hotels was created by the Dijkstra family over 75 years. In December 2021, KSL acquired a majority stake in Amsterdam-based Eden Hotels, which created a new parent company, Zien Group, in 2022. The group’s performance has seen steady improvement through renovations and operational initiatives driven by CEO, Billy Skelli-Cohen, with the company’s performance now exceeding pre-pandemic levels.
Leonardo Hotels was established in 2006 as the European vertical of Fattal, and its total portfolio now consists of more than 300 hotels in 21 countries. The company will announce further acquisitions soon. In May, Leonardo Hotels expanded its collection in the UK and Ireland with the acquisition of the luxury Hotel Gotham in Manchester for an undisclosed sum. The transaction was supported by the Fattal Partnership Fund.
Fattal currently owns and manages more than 300 hotels in over 120 destinations worldwide, with more than 50,000 rooms in total. The group has hotels in 21 countries and is looking to expand into new markets.
