The 13 Hotel, touted as one of the world鈥檚 most expensive hotels, has been acquired for HK$600 million (US$76.43 million) by an unidentified investor in Macau, the city鈥檚 first such property transaction in eight years.
The sale of the 22-storey lodging in Macau鈥檚 southernmost district of Coloane concluded a five-year search for a buyer, Savills Macau managing director Franco Liu said on Wednesday.
The acquisition was Macau鈥檚 first hotel transaction since the fourth quarter of 2017, according to Liu. He added that the sale price represented the biggest post-pandemic property deal in the city. The 199-room hotel had been valued at HK$2.4 billion last year, when it was first launched for tender.
According to Mark Wong, senior director at JLL in Macau, the local buyer had extensive experience in the city鈥檚 property market 鈥 including operating hotels 鈥 and had international real estate investments. The buyer also had strong confidence in Macau, Wong said.
Savills and JLL in Macau served as joint agents in the sale of The 13 Hotel.
The buyer plans to redesign and renovate the property as part of plans to turn it into a tourist destination, according to Savills and JLL.
The transformation would include the opening of well-known restaurant brands from around the world inside the property, enhancing the hotel鈥檚 appeal to luxury travellers and raising its credentials in Macau鈥檚 hospitality market.
The sale of The 13 Hotel reflects renewed optimism in Macau鈥檚 tourism sector, especially among visitors from mainland China.
In the first five months of the year, the city recorded a total of 16.3 million visitor arrivals, up by 15.2 per cent year on year, according to government data.
Macau鈥檚 average hotel room occupancy rate rose by 4.7 percentage points year on year to 87.8 per cent in April. That included an occupancy rate of 90.9 per cent in five-star hotels, up by 6.2 percentage points from April 2024.
Four-star hotels, meanwhile, had an occupancy rate of 82.4 per cent, with the average length of stay of guests at 1.6 nights.
Guests from mainland China rose by 4.5 per cent, or 861,000, from last April. International guest numbers grew by 12.3 per cent, or 106,000, year on year.
Formerly owned by Hong Kong businessman Stephen Hung, who appeared on the Netflix show Bling Empire, The 13 Hotel was seized by a mainland Chinese bank that served as the property鈥檚 receiver, according to JLL.
Considered one of the most opulent hotels in Macau, the property鈥檚 rooms measure between 1,800 and 5,000 sq ft. It also features three villa-style suites of 10,000 sq ft each, with guests enjoying private lift access directly to their suites.
The hotel offers leisure facilities, including a gym and spa, and parking for 150 vehicles and 40 motorcycles.
In 2012, Hung announced a US$1.3 billion plan to develop The 13 Hotel, describing the property as the 鈥渨orld鈥檚 most luxurious casino resort鈥 on the Cotai Strip, an area where other major hotel-casinos operate in Macau.
The asset was held by South Shore Holdings, whose listing with the Hong Kong stock exchange was cancelled in 2023, following the company鈥檚 insolvency after it failed to pay off debts.
Additional reporting by Cheryl Arcibal