The hotels have 529 rooms, and Fattal now manages 2,200 rooms in the resort - a fifth of the total.
Fattal Hotel Management Ltd. has completed its acquisition of the Golden Tulip Club and Golden Tulip Privilege Hotel in Eilat from Yitzhak Tshuva for NIS 195 million. The purchase increase's the number of Fattal's hotels in Israel to 20.
Tshuva operated the two hotels under the Paradise brand until 2002, when Fattal took over the management. Fattal recently rebranded the hotels under the Golden Tulip label, and has now acquired them as well. The two hotels were renovated last year at a cost of over NIS 50 million. The Golden Tulip Club has 282 rooms and the Golden Tulip Privilege has 247 rooms.
Fattal Hotels managing director David Fattal said, "Nine years ago, we opened our first hotel in Eilat, the le Meridien Hotel. We won the trust of many hotel owners, including Yitzhak Tshuva, who gave us their hotels to manage. We now manage 2,200 rooms in Eilat - 20% of the town's hotel rooms."
Published by Globes [online], Israel business news - www.globes-online.com - on August 3, 2008
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