The buyer of Macau’s long embattled THE 13 Hotel has promised to undertake extensive renovations, including the addition of world-renowned restaurants, according to details provided by real estate agent JLL. It also revealed that the purchase price was HK$600 million (US$76 million) – higher than the HK$400 million (US$51 million) initially reported.
“The buyer has extensive experience in international real estate investment and plans to redesign and renovate the project to create a new tourist landmark,” said JLL’s Macau Director, Value and Risk Advisory Services, Mark Wong. “The renovation will include introducing renowned restaurants from around the world, giving the property a fresh new look and attracting visitors.
“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. Hotel occupancy rates have also improved, indicating the continued recovery of Macau’s tourism industry and attracting investor interest.”
Wong told IAG in a separate email earlier on Wednesday that JLL had been appointed as the management company for the hotel “to ensure a smooth transition” and that the buyer was confident in the Macau market.
The sale of THE 13 comes after it was first put on the market 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. The final HK$600 million sale price represents a 75% discount on the initial asking price.
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.
