Unlucky 13 Hotel in Macau Relisted for Sale, Failed Casino Resort Seeks Buyer
The 13 Hotel has returned to the real estate market for the second time in two years.
The failed ultra-luxury casino resort has been seeking a buyer for years after its developer, South Shore Holdings, went bankrupt in 2021 and was removed from the Hong Kong Stock Exchange.
Global real estate firm Jones Lang LaSalle has been designated as the listing agent for the 22-story, 199-room luxury hotel on behalf of its numerous lenders that supported its $1.6 billion development. JLL is currently overseeing the hotel’s operations during this period.
"The five-star hotel for sale has garnered significant attention due to its luxurious design and opulence. Currently managed by JLL, The 13 Hotel … has reinstated parts of the property to its former condition,” said Mark Wong, a senior director at JLL.
Late last year, the Light Rail Transport extended southward from the Cotai Strip to the Cologne area, where The 13 Hotel is located. The new station is approximately a three-minute stroll from the hotel.
“The project is surrounded by a comprehensive transport network … giving the project great potential for appreciation,” Wong added.
Unfortunate 13
In Western society, the numeral 13 is frequently viewed as cursed because of numerous superstitions and historical occurrences. Consequently, numerous hotels, particularly the older ones, opt to forgo including a 13th floor.
In various other cultures, particularly in Asia, the number 13 is viewed as fortunate. It wouldn't have been for The 13 Hotel.
Dreamed up by extravagant entrepreneur Stephen Hung during the peak of Macau’s gaming scene in 2013, when the six casino operators collected $45 billion from gamblers, Hung aimed to build the most opulent boutique casino and hotel in the area. His firms, backers, and creditors concurred to invest $1.6 billion to create fewer than 200 hotel rooms, equating to $8 million for each guestroom, and also allocated an additional $20 million for 30 bespoke Rolls-Royce Phantom vehicles, marking the largest single purchase in the automaker’s history.
The Phantoms were assigned to transport The 13’s VIP guests around the city and link them to the Cotai Strip, located a mile north of the hotel. The 13’s outlook weakened during construction when China’s President Xi Jinping pressured Macau to take action against junket groups that facilitated premium travel to and from the Chinese Special Administrative Region, the sole area under China’s governance where slots and table games are permitted.
Despite numerous worries about a lack of high rollers to lure to the opulent boutique hotel situated in a relatively tranquil area of town compared to the flashy Strip, Hung persevered. It was a poor gamble, as it resulted in him selling off a large portion of his wealth and other business interests to finish the resort.
No Gambling Activities
After completion, Hung and South Shore were unable to locate a casino partner to manage its 66 VIP baccarat tables. When the hotel launched in September 2018, the resort indicated limited reservations. Just over a year later, the COVID-19 pandemic worsened its struggling business, leading South Shore to file for bankruptcy, and creditors gained control of the property.
The property was listed last year with a price tag of HK$2.4 billion (US$310 million). Despite JLL indicating significant interest, no agreement was finalized.
JLL is accepting offers for The 13 until May 19. This time, no asking price is provided.
