‘Local investor’ acquires ‘The 13’ hotel for HKD600 million

The 13 Hotel has been acquired by a “local investor” for the amount of HKD600 million, the real estate and investment management company, Jones Lang LaSalle (JLL) Macau, confirmed to the Times.

This sale confirms earlier reports that the property changed hands at a steep discount from its original asking price of HKD 2.4 billion.

Initial media reports suggested a sale price of HKD 400 million (approximately USD51 million), but JLL has now confirmed the figure to be HKD 600 million (USD76.4 million).

Despite this upward revision, the price represents a 75 percent drop from the March 2024 asking price when the hotel first invited bids.

According to the same real estate and investment management company, the new proprietor plans “extensive renovation this year to reposition property.”

“We are pleased to announce the successful sale of The 13 Hotel to a Macau investor who has strong confidence in Macau. JLL has also been appointed as the management firm for the hotel both before and after the acquisition to ensure a smooth transition,” Mark Wong, Senior Director at JLL in Macau, said.

Without disclosing the buyer’s identity, Wong added that “has international real estate investment experience, [and] plans to redesign and renovate the building into a brand new tourist destination.”

This revamp was also said to include the introduction of famous restaurant names and brands from around the world to this venue, as a way to enhance its appeal to luxury travelers and position it as a destination in Macau’s hospitality market.

The 22-storey property with a total Gross Floor Area of approximately 944,993 sq ft. features 199 guest rooms, including 196 luxury rooms, ranging in size from 1,800 sq ft to 5,000 sq ft. Additionally, there are three ultra-luxurious villa-style suites, each measuring 10,000 sq ft, with guests enjoying private elevator access directly to their suites.

The hotel offers leisure facilities, including a gym and spa, as well as parking for 150 vehicles and 40 motorcycles.

As the Times reported yesterday, the hotel can potentially benefit from the recently opened new accessibilities to the Hengqin border and easier links to the Cotai area via the Light Rapid Transit’s newly opened “Seac Pai Van” and “Hengqin” lines.

JLL also noted the new developments, such as the entry into operation of the Macau Bridge, which also facilitates linking to the hotel via the Hong Kong-Zhuhai-Macau Bridge.

“The transaction reflects the ongoing recovery and strength of Macau’s tourism industry, and demonstrates that the buyer has strong confidence and strives to diversify the Macau market. Hotel occupancy rates have also improved, indicating a continuous recovery in Macau’s tourism industry, attracting significant interest from investors,” Wong remarked. Renato Marques and Nadia Shaw