Evacuees replace tourists in Fattal hotels

Israel's biggest hotel chain Fattal Holdings 1998 Ltd. (TASE: FTAL) reported in its third quarter financial results today that it will suffer no substantial damage from the war. The absence of tourists since the start of the war has been compensated for by 18,000 evacuees from the Gaza border region and the north who are staying in 40 Fattal hotels around Israel. Moreover, most of Fattal's hotels are in Europe where activities have not been effected, and anyway the late autumn and winter are the weak seasons.

The evacuees will be staying in the hotels until at least the end of the year. The government is paying Fattal NIS 410 per night per adult and NIS 205 per night per child. The cost of refurbishing the rooms will depend on how long the evacuees will stay.

Fattal had a successful third quarter with revenue exceeding NIS 2 billion and net profit of NIS 124 million, up 29% from the corresponding quarter of 2022.

Fattal has 233 hotels in 21 countries including 48 hotels in Israel. Only two of the Israeli hotels are currently closed - in Safed and Haifa. Fattal has opened 17 hotels this year and will open two more before the end of 2023.

Published by Globes, Israel business news - en.globes.co.il - on November 27, 2023.

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