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Fattal Hotels completed the purchase of Azorim Tourism for 970 million shekels and by doing so became the largest hotel chain in Israel with 29 hotels throughout the country.

The agreement is valued at 970 million shekels, of which 270 million shekels is for the purchase of the company’s shares, held by Azorim (75%) and by Boymelgreen Capital (25%) and 700 million shekels for assuming responsibility for the company’s liabilities.

With the completion of the deal, an additional 12 hotels that were previously owned by Azorim Tourism have joined the portfolio of Fattal Hotels.  These include the Moriah Plaza Eilat, 50 percent of the Herods Hotel in Eilat, Moriah Plaza Dead Sea, Moriah Classic Dead Sea, Ganei Moriah Jerusalem, Plaza Jerusalem and the Moriah Classic Jerusalem, Moriah Plaza Tiberias, Ganei Moriah Tiberias, Moriah Plaza Tel Aviv, 33 percent of the Sheraton City Tower and the Mercure Hotel in Bat Yam.

On completing the deal David Fattal indicated: “I have great belief in Israeli tourism, and therefore the investment is in my viewpoint as much a patriotic as it is a business one.  The Fattal group will be the leader in the Israeli hotel industry in the coming years, providing thousands of jobs and at the same time promoting the perception of service and hospitality.”