Hann Philippines, Inc. has signed a PHP 9-billion syndicated term loan agreement with Asia United Bank Corporation (AUB) and Union Bank of the Philippines to partially finance the ongoing construction and development of Hann Reserve, its master planned mixed-use integrated lifestyle resort development in New Clark City, Tarlac.
The 450-hectare project is now undergoing site preparation and general infrastructure development for its first phase, estimated to cost PHP 17 billion. It will include the award-winning Banyan Tree luxury hotel and residences plus an 18-hole mountain golf course by Nicklaus Design—the first of three world-class courses and PGA-affiliated player development facilities that will form the highlight of the integrated resort.
Hann Reserve’s first phase will also include a clubhouse and ten-hectare public park along with other ancillary facilities. The earliest targeted completion for the initial components of the first phase is by 2025.
“We are grateful to our partner banks and financial institutions for the trust and confidence in our vision to develop a truly world-class integrated resort that will solidify the reputation of Clark as an important leisure and lifestyle destination not just in the country but in the region,” said Dae Sik Han, chairman and CEO of Hann Philippines, Inc.
“It is a privilege for us to be a part of Hann’s immense growth since its early beginnings. Likewise, we look forward to our continued partnership with this loan and to the company’s unabated success as it expands its business and operations,” said Kristeen Ella M. Reyes, AUB Senior Vice President and Head, Investment Banking Group
“We look back at how Hann Philippines has progressed through the years and it is quite exceptional,” said Union Bank Executive Vice President Antonino S. Fajardo. “We are proud to have been part of that growth story of what was once the modest Widus Hotel. Today, the rebranded Hann Resorts and the soon to be Hann Reserve are poised to forever change not just the physical landscape of Clark and the north, but also to positively impact their economies.”