Loar, the 35-year-old former Oklahoma State player who also won the tour's 2012 Panama Claro Championship, finished at 17-under 267 on the Le Triomphe course. He earned $99,000 to take the money lead with $164,684.
"They're all hard to win especially having to battle the elements today," Loar said. "It's a great start to the year. I think everyone's goal is to be No. 1 out here."
The left-hander also won the Asian Tour's 2003 Thailand Open and 2004 Korean Open.
Hoffmann also shot 69. Brett Wetterich was third at 14 under after a 65.
With the wind steady at 20 mph and gusting to 30 mph, Loar birdied Nos. 5, 6 and 8 and had a four-stroke lead at 18 under at the turn. He bogeyed No. 10, rebounded with a birdie on the par-5 12th, then dropped another stroke on 16, birdied the par-3 17th after hitting an 8-iron to 10 feet and closed with a bogey.
"I look at the leaderboards every now and then and I knew they were close," said Loar, the father of triplets. "I just played great today. It was a great ball-striking round for me. I did have a couple of three-putts, but putting is the hardest part in wind like this."