Macau’s once most opulent hotel project, THE 13 hotel, has been put up for sale for HKD2.4 billion (MOP2.47 billion/ US$310 million), with bidding allowed until early April this year.
The sale of the financially troubled hotel situated in Colane comes as its management are reportedly seeking to resume its operations.
According to Inside Asian Gaming, the operator of the hotel has applied to renew its licence, which was due to expire at the end of last year.
Having had its licence extended by a year, THE 13 is carrying out repairs and maintenance in preparation for the reported resumption of business.
According to a JLL statement, the 22-floor hotel has a market value of approximately HKD2.4 billion.
Following the suspension of shares trading in July 2021, parent company South Shore Holdings was delisted from Hong Kong’s stock exchange in February last year, when the hotel was also declared by the Court of First Instance to be bankrupt.
South Shore announced its being insolvent in October 2021 after one of its lenders demanded that it repay HKD3.28 billion in outstanding loans and interest.
