The 13 Hotel in Macau, the Chinese special autonomous region, has been sold at a major discount.
The Macao News reported Monday that the 22-floor, 199-room hotel “has finally been sold after various failed attempts to offload it in the wake of its owner’s bankruptcy in 2023.” The report cited Chinese language news outlet Allin Media, which claimed the hotel was sold for 400 million Hong Kong dollars ($51 million), or HK$2.01 million per room.
In April, CoStar News Hotels reported that the The 13 Hotel, which opened in 2018, was put back on the market for HK$2.4 billion, or HK$12.1 million per room. At the time, the South China Morning Post reported the hotel “debuted as one of the world’s most expensive hotels.”
The reported June sale price represents an approximate discount of 83% from its April guide price.
The hotel failed to agree to deals with “any of the six local gaming concessionaires to allow it to operate a satellite casino and acquire gaming tables,” Macao News added.
In January, the hotel was granted a license to continue operating through the end of the year, the Macao News reported.
The 13 Hotel has been beset with challenges, notably COVID-19. It closed on the onset of the pandemic and didn't reopen until 2024. The hotel missed its original opening date in 2017.
The 13 Hotel is located on Coloane — the southernmost of Macau’s three islands — and some distance from Macau’s casino-hotel nexus of the Cotai Strip, which also could have contributed to slower demand from guests and customers.
In February 2023, the Hong Kong Stock Exchange canceled the shares of The 13 Hotel's owner South Shore Holdings, although trading in the stock ceased back in July 2021. The HKSE delisted South Shore at the same time as it canceled its shares.