Sure looks like it.

Try some Miracle Grow or Dyna Gro foliage pro...it looks to be a nitrogen deficiency? Also do you know if this plant was in direct sun? Hoyas that get too much light/sun cause leaves to look "washed out"...the upside to getting a lot of light are blooms, the darker your leaves are the less likely it will bloom due to low light. The trick is to give it as much bright indirect light as possible to set some buds...Good luck!!

Carnosa has some of the prettiest blooms! this one is Carnosa 'krimson princess'

I agree with Rhizo and Nancy....fertilize it.
If it hasn't been fertilized, it's most likely missing a number of nutrients.

Josh