PPHE Hotel Group Limited is pleased to announce that the €24.0 million refinancing with Aareal Bank AG of the recently opened art’otel Amsterdam which the company and its subsidiaries (together the Group) own and operate was successfully completed (art’otel Refinance Tranche).
The art’otel Amsterdam was previously financed by a development facility provided by Bank Hapoalim B.M. that was due to mature in the first quarter of 2014.
The parties have agreed not to hedge the art’otel Refinance Tranche.
Source: PPHE Hotel Group Limited