‘The 13’ reportedly sold at a steep discount

The 13 Hotel in Seac Pai Van has reportedly been sold, marking the end of a tumultuous chapter for the ultra-luxury property, which once proclaimed itself to be “Macau’s most extravagant and expensive hotel.”

While the identity of the buyer and the final sale price remain undisclosed, possibly due to a non-disclosure agreement, reports from Hong Kong media outlet Allin Media suggest the hotel was sold for a mere HKD400 million (approximately USD51 million).

To be true, the hotel’s selling price was a staggering 83 percent drop from the HKD2.4 billion asking price when the property initially invited bids in March 2024.

A vision of excess that failed to materialize

Created by Hong Kong entrepreneur Stephen Hung, the project aimed to capitalize on Macau’s thriving VIP casino market by securing a satellite casino license and acquiring 66 gaming tables.

Construction began in 2013 with an eye-popping budget exceeding USD1.4 billion (approximately MOP11.2 billion), featuring lavish amenities such as private elevators, 24-hour butler service, and a fleet of bespoke Rolls-Royce Phantoms.

Each of the property’s 199 rooms is reported to have an average construction cost of USD7 million.

Factoring this in, the reported HKD400 million price tag it has been acquired for is a tiny fraction of the original investment that went into the property.

However, a series of delays, financial difficulties, and regulatory hurdles, as well as the ultimate failure to secure a gaming license, have clouded the development.

The property opened in September 2018, but it did so without gaming amenities and with many rooms unfinished. Its remote location away from the bustling Cotai Strip and gaudy baroque-style design failed to attract the high-roller clientele it targeted.

The onset of the Covid-19 pandemic further devastated operations. The 22-storey hotel was forced to close in February 2020. In October 2021, its parent company, South Shore Holdings, declared insolvency and was subsequently delisted from the Hong Kong Stock Exchange in 2023.

After a five-year closure, the hotel partially reopened in July 2024 under a renewed five-star license from the government. With limited rooms available and its two restaurants remaining closed, the hotel struggled to regain footing.

The sale, managed by the real estate firm Jones Lang LaSalle (JLL) Macau, was reported to have attracted around 20 interested parties during previous auctions in March, but none had closed the deal as of now, if reports prove to be true.

The new owner’s plans remain unknown, but analysts anticipate a possible rebranding or repositioning to align with Macau’s recovering tourism sector. The nearby opening of a Light Rail Transit (LRT) Seac Pai Van station and its connection to LRT’s Hengqin Line may improve accessibility and enhance the property’s appeal.

In response to the Times’ inquiry on this matter, the real estate firm responsible for the sale and management of the property, JLL Macau, chose not to address any of the questions.

Instead, JLL remarked, “Thank you for your inquiry. But we have no information to share regarding this property.”