Following the sale of Macau’s THE 13 Hotel this week for HK$600 million (US$76 million), Inside Asian Gaming can reveal that the buyer is related Rio Hotel chairman Loi Keong Kuong.
According to sale information obtained, the new owner of THE 13 is a company called Chang Fu Investment Limited, which was established in October 2020. It is currently owned by two people surnamed Loi, who are family members of Loi Keong Kuong.
The information also confirms the final sale price at HK$598 million – a 35% discount on the MOP$927 million (US$115 million) valuation assessed in 2020.
Loi Keong Kuong is a well-known real estate businessman in Macau and is the founder of Rio Hotel. In 2006, he reached an agreement with Galaxy Entertainment to operate a satellite casino our of Rio before ceasing gaming operations in 2022 before Macau’s new gaming law came into effect. Loi was also involved in the construction of the luxury residential project “One Grantai” in Taipa and acquired the Soul Boardwalk shopping center on Australia’s Gold Coast for around MOP$95 million (US$12 million) in 2018.
JLL’s Macau Director, Value and Risk Advisory Services, Mark Wong, told IAG earlier in the week that the buyer has extensive experience in international real estate investment and plans to redesign and renovate the project to create a new tourist landmark.
“The renovation will include introducing renowned restaurants from around the world, giving the property a fresh new look and attracting visitors,” he said.
“This transaction reflects the ongoing recovery of Macau’s tourism industry and the new buyer’s strong confidence in Macau and commitment to driving industrial diversification.”
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