The €100 million fund will buy 3-5 star hotels in European cities.
Dorea Investment and Developments Ltd. (TASE:DORA) and its subsidiary Liberty Properties Ltd. (TASE: LBRT) will invest €21.3 million to acquire 21% of European hotel investment fund venture established by Delek Group Ltd. (TASE: DLEKG) subsidiary Delek Belron International Ltd. (TASE:DLKI.B1), Fattal Hotel Management Ltd. and institutional investors.
The fund will buy 3-5 star hotels in European cities, which Fattal Hotel Management will manage. The partners will invest €100 million in the fund. The capital will leverage non-recourse loans. The fund lifespan will be 7-10 years.
Published by Globes [online], Israel business news - www.globes.co.il - on March 18, 2007
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