Fattal has bought a 72.5% stake in the boutique hotel chain 7Minds

The Israeli hotel chain Fattal Holdings (1998) Ltd. (TASE: FTAL) is deepening its involvement in the small hotel sector by acquiring a 72.5% stake in the Israeli chain 7Minds, which operates hotels in Tel Aviv. 7Minds will become one of the brands of the Fattal chain along with Leonardo, NYX, Herods and others. 7Minds is owned by Oren Pascal and Ben Braverman. 7Minds hotels include Bachar House, which opened in 2019 in a preserved building at the corner of Nahla Benjamin and Lilienblum Streets in Tel Aviv. Other 7Minds hotels include: Nordwi, a 22-room hotel in a preserved building on Nahla Binyamin Street. Sam & Blondi on Schenkin Street, which has 45 rooms in a preserved building and CUCU Hotel with 33 rooms on Dizengoff Square. Four other hotels are under construction, including one on Dizengoff Square, which was acquired by Fattal from the Kabbalah Centre. Related Articles Prima Expands Its Chain With Hotel 75 Fattal in Tel Aviv Sells and leases back two hotels in Munich Isrotel, Fattal and Braun to open new hotels in Israel Pascal Rafmann will retain a 27.5% stake in 7Minds and will continue to manage the brand. This will be the first brand that Fattal does not fully own. No financial details were disclosed about the transaction that Fattal notified that TASE was immaterial and not required to be reported. Pascal told Globus that the connection between Minds and Fattal’s ships was made before the Covid crisis in July 2019. 7 Minds had planned to expand in Europe, but through its talks with Fattal it realized the untapped potential that exists in urban boutique hotels in Israel and the advantages of partnering with them. Like all hotels in Tel Aviv, which depend on foreign tourism, Covid 7Minds hit hard with occupancy dropping to 30%-40%. “We have created adaptive solutions with two hotels moving into rental room format on a monthly basis. Nordwei and Bashar are open today for guests while the others are for long-term rental,” Pascal said. 7Minds rooms will be displayed on the Fattal website for reservations with benefits for Fattal Club members. Founded in 1999 by David Fattal, the chain has 42,000 rooms in 223 hotels in 19 countries including Germany, the UK and Italy. The chain has 38 hotels in Israel. Fattal has been hit hard by Covid-19. Revenues in the first quarter of 2021 amounted to NIS 195 million compared to NIS 839 million in the first quarter of 2020. The company sees revenue between NIS 3.1 billion and NIS 3.6 billion in 2021, depending on the pace of recovery of the tourism industries in the countries in which it operates. Published by Globes, Israel business news – en.globes.co.il – on July 6, 2021 © Copyright Globes Publisher Itonut (1983) Ltd. 2021