Israeli hotel firm Fattal Hotel Group has agreed to acquire the entire 12-hotel portfolio of Dutch hotel brand Zien Group from owners KSL Capital Partners and Garden Capital Group.
The sellers bought the hotels and brand in 2021.
The portfolio's 12 hotels and 1,522 rooms are all located in The Netherlands, including five hotels in Amsterdam, and properties in Dutch cities such as Rotterdam, The Hague, Eindhoven, Groningen and Maastricht. The deal includes such hotels as The Manor Amsterdam, The Lancaster Hotel Amsterdam and the Eden Hotel Amsterdam. According to data from CoStar, the Eden Hotel Amsterdam was built in 1967, renovated in 2021 and last sold in March 2012 for $77.4 million.
The deal is due to be completed in the third quarter of 2024. The newly acquired hotels will be merged into Fattal’s Leonardo Hotels’ brand portfolio, which with the acquisition will grow to 28 hotels in the Benelux countries.
The Leonardo brand includes more than 200 hotels in Europe, including 62 in Germany and 49 in the United Kingdom. The brand also has 36 hotels in its home base of Israel.
Ronen Nissenbaum, Leonardo Hotels' CEO for the United Kingdom, Ireland, Benelux, Spain and Portugal said further acquisitions will "be announced in the coming weeks."
Alexander Kluit, Fatal Hotel Group's managing director for the Benelux region, said the deal moved quickly due to the brand alignment between Zien and Leonardo.
Fattal now owns and operates more than 300 hotels and more than 50,000 rooms in 21 countries across brands Leonardo Hotels, Leonardo Royal Hotels and NYX.
The Eden Group and other KSL-owned assets became Zien Group in September 2022. KSL acquired Eden in December 2021.
Billy Skelli-Cohen, the CEO of Eden and once the CEO of Lore Group — which acquired and developed such hotels as London's Sea Containers when its was branded Mondrian — became CEO of Zien Group. No word has emerged as to Skelli-Cohen's future or role following Fattal's acquisition of Zien Group.
KSL continues its hotel ownership in Europe in such brands as The Pig, which it bought in April 2022, and Beaumier.