Marks the largest green loan for hotel properties in Singapore from a single financial institution
Park Hotel Group, a leading hospitality group in Asia Pacific, today announced that it has obtained a S$237 million green loan from United Overseas Bank (UOB) to re-finance Grand Park City Hall hotel, a property owned and managed by the Group.
The green loan, the first for Park Hotel Group, is the largest green loan obtained for any hotel property in Singapore from a single financial institution. UOB issued the loan under the UOB Real Estate Sustainable Finance Framework1, the first such lending framework for the sector established by a Singapore bank.
Grand Park City Hall hotel sought to incorporate sustainable and smart features in its refurbishment plans in 2017. It received the Green Mark Platinum certification awarded by the Singapore Building and Construction Authority (BCA), the highest distinction in the green building rating system.
To minimise waste during construction, the hotel retained 90 per cent of its building structure. It also reduced water and energy consumption and carbon emissions significantly by installing a number of features. These include a rainwater harvesting system, water- and energy-efficient fixtures, centralised chilled water system, high performance air-to-water heat pump and mechanical ventilation fans.
Mr Allen Law, Chief Executive Officer of Park Hotel Group, said, “Acquiring the green loan from UOB points to our commitment to sustainability, a key pillar of our strategy to advance our triple bottom-line in positively impacting People, Profit and Planet. I am delighted that we share similar values with UOB, an esteemed partner that is working with us to make sustainability a key business priority and to join the global effort in building businesses that last.”
Mr Leong Yung Chee, Head of Corporate Banking Singapore, UOB, said, “In meeting our clients’ financial needs, green financing is one way we partner them to promote sustainable development. Our support of Park Hotel Group demonstrates our commitment to working with our clients to respect the environment in support of climate action.”
The Grand Park City Hall hotel was named the Climate Action winner at the Hotel Investment Conference Asia Pacific’s Sustainable Hotel Awards last year for its innovative use of technology and the adoption of sustainable practices to combat climate change in line with the Paris Agreement and United Nations Sustainable Development Goal 13. In August 2019, the hotel also received the Singapore Green Hotel Award, an accolade presented by the Singapore Hotel Association with the support of BCA, the National Environment Agency, Public Utilities Board and the Singapore Tourism Board.
1 For information, please refer to the news release: https://www.uobgroup.com/webresources/uobgroup/pdf/newsroom/2019/UOB-Real-Estate-Sustainable-Finance-Framework.pdf
