Hoi Hup Realty secures $332.5m green loan to develop Andaz Hotel

The loan will go into strengthening the hotel’s energy-saving practices.

Property developer Hoi Hup Realty has secured a $332.5m green club loan, through its subsidiary Ophir-Rochor Hotel, to partially finance the acquisition of its luxury hotel, Andaz Singapore.

This follows the acquisition of Andaz Singapore by the company from M+S Pte Ltd in October. The green loan is the first for Southeast Asia’s hospitality industry and is also the first green loan for Hoi Hup Realty.

The five-star hotel has been incorporating energy-saving practices into their operations since 2013, such as the use of energy-efficient LED lighting, NEWater in cooling towers, and just recently, adding sustainable food procurement practices, and the recycling of unused bar soaps and coffee capsules.

The green loan was issued under Hoi Hup Realty’s green loan framework to further develop Andaz Singapore’s environment-friendly operations.

OCBC Bank is the loan advisor for the loan, whilst the other club banks are Maybank Singapore and United Overseas Bank.