Long-troubled Macau hotel THE 13 is hitting the market again, with global real estate firm Jones Lang LaSalle confirming it has been appointed as Joint Sole Agent for sale by tender.
The new tender is expected to close at 6pm on 19 May after previous efforts failed to find a buyer. THE 13 was previously put up for sale in March 2024 with an asking price of HK$2.4 billion, but although it was reported at the time that 24 parties had expressed interest, none ultimately closed on the deal.
In a statement following news that efforts to sell have been rekindled, Mark Wong Ka – Senior Director of Jones Lang LaSalle Macau – noted the strong recovery in Macau’s visitor numbers and hotel occupancy rates, stating, “The five-star hotel being offered for sale has been widely recognized for its luxurious appearance and exceptional experience.
“Currently, the hotel is under the property management of Jones Lang LaSalle. The hotel’s operating license has been renewed and some of its internal facilities have resumed operation. The project is surrounded by a comprehensive transport network, with the nearby Light Rail Transit (LRT) station opening at the end of last year, just 3 minutes away, giving the project great potential for appreciation.
“The sale of the whole block is a rare opportunity in the market and will be highly favored by buyers and investors alike.”
As previously reported by IAG, THE 13 reopened hotel operations for the first time in four years 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 in 2020. Its two restaurants also remained closed for repair and maintenance work.
A new 12-month hotel license was granted in January.
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.
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 one lender demanding payment of HK$3.28 billion (US$423 million) in outstanding loans and interest or face a winding up petition against the company.
