The operator behind The 13 Hotel says it will continue to look for “new working partners and investors” for its Cotai project, as its losses continue to mount.
“We are working hard to finalize the potential disposal of partial interest in The 13 Hotel as well as other measures with a view to strengthen our balance sheet,” said South Shore Holdings Chairman Peter Lee Coker in the company’s annual report, published yesterday.
For the financial year ending March 31, South Shore Holdings recorded a loss of HKD5.84 billion attributable to owners of the company, compared to a loss of HKD1.57 billion a year earlier.
The hotel assets include prepaid land lease payment, hotel property and hotel fixture, furniture and equipment in Macau.
“We expect consolidated losses to continue as the hotel business is just operational by the end of August 2018,” warned Coker.
However, “we believe targeting a global clientele of customers seeking a unique luxury experience remains an optional strategy for the Macau market.”
The company completed work on The 13 Hotel in March 2018 after a series of delays. It obtained a hotel license in Macau in August 2018 and opened to private customers in that same month. DB
No Comments