45379 - Crescent Loan

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Summary of Investment Information

Project Number

45379

Company Name

Hospitality Holdings Ltd

Date SPI Disclosed

Jun 20, 2023

Country

Singapore

Region

East Asia and the Pacific

Projected Board Date

May 10, 2023

Environmental Category

B - Limited

Status

Active

Last Updated Date

Oct 25, 2025

Department

Regional Industry - MAS Asia & Pac

Industry

Tourism, Retail and Property

Previous Events

Approved : May 10, 2023
Signed : Jun 16, 2023
Invested : Nov 15, 2023

Sector

Resort Hotel (Including Lodges)

Project Description

The proposed investment (Project) is for a debt facility of up to US$100 million comprising (i) US$50 million IFC A Loan and (ii) US$50 million mobilized by MCPP One Planet, to support Crescent Investment Management III Ltd. (Crescent Point), the General Partner for Crescent Asia Consumer and Deep Value Fund III, L.P. (the Fund or Fund III). Crescent Point is forming a hotel and resorts management platform to acquire and manage hospitality assets within large Southeast Asian countries such as Indonesia, Philippines, Thailand and Vietnam, plus other attractive hospitality markets such as Maldives. IFC will help Crescent Point to implement Excellence in Design for Greater Efficiencies (EDGE) certification of the hotels under the project.

The first investment identified under the Crescent Loan Project is the acquisition and retrofitting of a resort in the Baa Atoll, Maldives.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	50.0
Equity

Development Impact

The Project has an Anticipated Impact Measurement and Monitoring (AIMM) rating of Good. The most significant, expected project-level outcomes are (i) Economy-wide effects through the creation and preservation of employment and value addition in the hotel sector and its supply chain, and (ii) Environmental effects through energy and water savings. Beyond the Project, IFC anticipates that the investment will promote financial integration through demonstration and replication channels.

Financing Structure: IFC will provide countercyclical financing to the Platform and its subsidiaries in Singapore and Maldives at a time when commercial lending to the tourism sector has been negatively affected by the heightened risk perception and the challenging business environment during the COVID-19 pandemic. By providing the necessary capital through a senior debt facility with a tenor of up to 11 years including a 4-year grace period, IFC will help to facilitate the refurbishment and reopening of hotel assets in a timely and sustainable manner, thereby supporting the recovery of the tourism sector in the target countries. Resource mobilization: IFC will mobilize third-party funds from MCPP. This funding will enhance the Fund’s access to international complementary capital, thereby reducing its dependence on domestic banks and vulnerability to financial market shocks.

E&S Category Rationale / Risks and Mitigation

This is a Category B Project according to IFC’s Policy on Environmental and Social Sustainability (2012).This is a Category B Project according to IFC’s Policy on Environmental and Social Sustainability (2012).

Key Environment and Social (E&S) risk and issues associated with this project include: adequacy of corporate and assets’ E&S management systems (ESMS); management of environmental and social risks and impacts; fair and safe working conditions and occupational health and safety (OHS) including third party workers; L&FS measures and emergency response procedures; wastewater and waste management; community health and safety; and grievance mechanism.

Contacts

For Inquiries About the Project, Contact

Crescent Investment Management III ltd
Yin Shao Siang / Ho Ning Li
Director, Investments / ESG Lead
+65 6511 3088
ir@cgcm.com
38 Beach Road, #32-12 South Beach Tower, Singapore 189767
https://www.cgcm.com/

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Local Access of Project Documentation

38 Beach Road, #32-12 South Beach Tower, Singapore 189767

This Summary of Investment Information (SII) is prepared by IFC to disclose a factual summary of the main elements of the potential investment. Its purpose is to enhance the transparency of IFC’s activities. For any project documentation or data included or attached herein, whether prepared by the project sponsor or otherwise, authorization has been given for public release by the project sponsor. IFC considers that this SII is of adequate quality for release to the public, but has not necessarily independently verified all of the project information therein. It is distributed in advance of IFC Board of Directors’ consideration and may be periodically updated thereafter. Board dates are estimates only and this document should not be construed as presuming the outcome of the Board Directors’ decision. The following SII is disclosed in accordance with IFC's Access to Information Policy (AIP) that went into effect on January 1, 2012.

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