Income-producing hotels in europe.
Fattal Europe ended 2025 with a larger portfolio and new NOI engines, but the right reading has shifted from growth to funding management: the company now has to refinance short and increasingly expensive debt without deepening group dependence.
The new lease-coverage split gives partial comfort on Fattal Europe's legacy portfolio, but it does not by itself justify the depth of dependence on the Fattal group, because the company relies on that same group as tenant, management platform, liquidity provider, and guarantor.
Partnerships II and III add a real asset platform and embedded value to Fattal Europe, but as of year-end 2025 they still do not provide, on their own, a clean and large enough upstream cash source to materially ease the credit story.
Series D looks comfortably covered at the collateral-package level, but Corpus Christi on its own leaves a much thinner buffer and depends on timely completion and future value rather than existing NOI.
