Hotel Owner Scores $480M Refi For European Portfolio

Law360, New York (December 2, 2013, 1:45 PM EST) -- The owner of the Park Plaza and art'otel brands, PPHE Hotel Group Ltd., has scored a $480 million refinancing package from Aareal Bank AG for a portfolio of European hotels, the company announced Friday.

Per the deal with Aareal, PPHE has nabbed a five-year term facility of £167.6 million ($274.4 million) and a euro tranch of  €153.19 million ($207.66 million), according to a statement.

“The new facility enables us to invest further in these well-established and well-performing hotels, and our experienced management will continue on optimising...
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