Hann Resorts secures US$165.66m loan for Philippines IR project
Hann Resorts has secured the loan to partially fund the development of its Hann Reserve integrated resort project in New Clark City.
The Philippines.- Hann Resorts has secured a PHP9bn (US$165.66m) loan from Asia United Bank and Union Bank of the Philippines. According to a social media post, the funding will be used to partially finance the construction and development of its Hann Reserve integrated resort project in New Clark City.
The Hann Reserve project is a complementary expansion of Hann Casino Resort, which was completed in 2021. It will cost approximately US$600m. The integrated resort development combines luxury hotels including Banyan Tree, Sofitel, Emblem and Westin, with luxury retail outlets, convention spaces, high-end restaurants, residences and commercial spaces.
Han Daesik, chairman and chief executive of Hann Development Corp, has previously said this project will be the “ultimate millionaire’s playground” spanning 450 hectares and featuring three 18-hole championship golf courses. The initial phase of the development will feature the Banyan Tree hotel and an 18-hole golf course, clubhouse and a 10-hectare public park.
