PPHE Hotel Group has announced the refinancing of the art'otel in Amsterdam with German lender Aareal.
PPHE Hotel Group has announced the refinancing of the art'otel in Amsterdam with German lender Aareal.
The art'otel Amsterdam was previously financed with a development facility provided by Bank Hapoalim B.M. that was due to mature in the first quarter of 2014.
The property has now been refinanced with a €24 mln loan. The parties have agreed not to hedge the art'otel refinance tranche.
The deal follows PPHE's €350 mln refinancing last month of eight hotels in London and Amsterdam, also with Aareal.
PPHE Hotel Group refinanced three of the group's four London hotels (Park Plaza Riverbank, Park Plaza Victoria and Park Plaza Sherlock Holmes) and five Dutch hotels which it operates and owns (Park Plaza Amsterdam Airport, Park Plaza Victoria Amsterdam, Park Plaza Vondelpark, Amsterdam, Park Plaza Eindhoven, and Park Plaza Utrecht).
The hotels were previously financed by three separate facilities provided by Aareal with various maturity dates between December 2013 and September 2017.
