Green loan to spruce up hotel

Business | Stella Zhai 18 Sep 2019

Capital Court, the operator of the Hong Kong Ocean Park Marriott Hotel and a wholly-owned subsidiary of Lai Sun Development (0488), signed a HK$3.6 billion 4-year secured term loan with 18 banks, marking the first green loan used solely to finance a hotel property in Hong Kong.

The loan was substantially oversubscribed, receiving a total commitment of HK$12.2 billion, approximately 339 percent of the total facility amount. Lenders include Industrial and Commercial Bank of China (Asia), The Bank of East Asia (0023) and Hang Seng Bank (0011), with the interest rate set at 1.2 percent per annum over the Hibor. It will be used to finance or refinance the development costs of the hotel, which achieved a "Gold" rating in the Provisional Assessment under BEAM Plus Assessment For New Buildings (NB) V.1.2 from Hong Kong Green Building Council in April 2016.

The hotel said it aims to achieve Final BEAM Plus "Gold" certification or higher for New Buildings (NB) V.1.2 by the second quarter of 2020.

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