Long-troubled Macau hotel THE 13 has been purchased for HK$400 million (US$51 million), according to Hong Kong media reports.
THE 13, originally envisioned as an uber-luxury hotel and casino before its construction was plagued by financial woes, was first put up for public auction in March 2024 with an asking price of HK$2.4 billion (US$306 million). Although reports at the time indicated that up to 24 parties had expressed interest, no deal was ultimately reached. A new round of bidding began on 19 May.
Hong Kong media outlet Allin Media reported over the weekend that THE 13 has now been sold for just HK$400 million. IAG has contacted real estate firm Jones Lang LaSalle for comment.
If the reported sale price is correct, it represents an 83% discount on the original asking price, which itself is a mere fraction of the original investment amount of the property.
THE 13’s former parent company, South Shore Holdings, revealed in October 2021 that it had ceased all operations and was insolvent following a statutory demand issued by a lender demanding payment of HK$3.28 billion (US$410 million) in outstanding loans and interest.
THE 13 reopened hotel operations last July although not all of its 199 rooms were operational, with renovation works undertaken on parts of the property that had previously remained unfinished when the hotel closed. Its two restaurants also remained closed for repair and maintenance work.
A new 12-month hotel license was granted in January of this year.
THE 13 was the brainchild of long-departed Chairman Stephen Hung and had been envisioned as an uber-luxury hotel with space for 66 VIP gaming tables aimed at capitalizing on Macau’s booming VIP segment of the early 2010s. Instead, a series of funding and construction delays saw the property open in September 2018 with no gaming and with a number of rooms unfinished – all at a cost of US$1.6 billion.
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