Worldwide Hotels Group secures $405m green loan
The loan will help finance a new hotel and commercial development.
Worldwide Hotels Group has acquired its first green loan amounting to $405m from Maybank Singapore.
The loan will help develop the group’s new hotel and commercial development, 8 Club Street and is considered the biggest bilateral green financing for a hospitality asset in Singapore to date. It is also the Singapore hotel chain’s first foray into green financing with a strong commitment to adopt ESG standards in the future.
The bilateral loan covered land and construction costs for the 19-storey mixed-use building. When completed in 2022, it will be a modern 4-star hotel with 900 rooms and commercial spaces (restaurants and shops) in the vibrant CBD and historical Chinatown precincts. It is accessible via a pedestrian link connected to Chinatown and Telok Ayer MRT stations as well as China Square.
“We are pleased to finance our landmark hotel with Maybank via a green loan as we keep to our green building target of BCA Green Mark GoldPlus for 8 Club Street. With this, we will embark on a full-fledged sustainability journey and are currently putting a framework in place this year. Our vision is to eventually enhance and upgrade our existing portfolio to meet our formalised green targets,” said managing director of Worldwide Hotels Group Carolyn Choo.
Worldwide Hotels is a tourist class hotel group, providing affordable accommodation with an undiscounted experience for travellers visiting Singapore. Worldwide Hotels currently owns and manages six hotel brands in Singapore, namely Hotel Boss, V Hotel, Hotel Mi, Value Hotel, Venue Hotel and Hotel 81.