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Park Hotel obtains S$237m green loan from UOB
HOSPITALITY player Park Hotel Group has secured a S$237 million green loan from United Overseas Bank (UOB) to refinance the refurbishment of Grand Park City Hall, a hotel it owns and manages.
The loan was issued under the UOB Real Estate Sustainable Finance Framework, the bank said in a joint statement on Tuesday.
In its refurbishment plans in 2017, Grand Park City Hall sought to incorporate sustainable and smart features. The hotel also retained 90 per cent of its building structure to minimise waste during construction.
The hotel had also reduced its water, energy consumption and carbon emissions by installing a number of features. This includes a rainwater harvesting system, water and energy-efficient fixtures, a centralised chilled water system, a high performance air-to-water heat pump and mechanical ventilation fans.
Grand Park City Hall received the Singapore Building and Construction Authority’s Green Mark Platinum certification - the highest distinction in the green building rating system.