US$165mln syndicated loan for Hann Reserve, says promoter

Mar 20, 2023 Newsdesk Latest News, Philippines, Top of the deck  

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Hann Philippines Inc said in a social media posting that it had signed a PHP9-billion (US$164.6-million) syndicated term loan agreement with Asia United Bank Corp and Union Bank of the Philippines Inc, “for the ongoing development of Hann Reserve”.

The posting carried photographs (see image) of Friday’s signing session to mark the deal.

Hann Reserve is a project on land at Clark in the Philippines, close to Hann Philippines’ gaming and leisure complex Hann Casino Resort, at Clark Freeport and Special Economic Zone.

Hann Philippines said in an update to its social media posting, regarding Hann Reserve: “The master planned mixed-use integrated lifestyle resort in New Clark City will feature world-class facilities, including three championship 18-hole golf courses designed [respectively] by Jack Nicklaus, Sir Nick Faldo, and KJ Choi, and more hospitality global brands like Banyan Tree and Angsana, Sofitel and Emblems by Accor and The Luxury Collection and The Westin under the Marriott International portfolio.”

In November last year, an entity linked to the Hann group told GGRAsia that the “initial ballpark figure” for the cost of Hann Reserve’s Phase 1 and Phase 2 was US$800 million.

Phase 1 will be the Nicklaus Design golf course due in 2025, and a hotel, due in 2026, under the Banyan Tree name, the Hann side added at the time.

(Updated April 12, clarifying that at the Hann Reserve development in the Philippines, Banyan Tree hotel is not under Accor SA, and that the social media posting relating to Hann Reserve had been updated since the time we reproduced it for our report.)

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