PPHE Hotel Group Limited announced that the €24.0 million refinancing with Aareal Bank AG of the recently opened art'otel amsterdam which the company and its subsidiaries own and operate was completed 29 January 2014. 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.