Macau and a company in The 13 Luxury Hotel have reportedly agreed to sell a 50% stake in the property, taking into account about $95.6 million worth of cash.
The agreement will involve ITC Properties Group Limited as well as All Fame Developments Limited, each paying approximately $38.2 million for a 20% stake in a company known as Uni-Dragon Limited. Uni-Dragon Limited is the sole owner of The 13, New Concordia Hotel Limited.
The third settlement was later reported by local logistics and mining company CST Group Limited to acquire a 10% stake in vendor South Shore Holdings Limited for approximately $19.1 million through a subordinate of Palong Croft Limited through Palong Croft Limited.
13 said it opened in late August 2018, but failed to meet previous financial expectations as plans to include casinos collapsed. Located on the border between Macau's Cotai Strip and the Coloane region, the site is known to have fallen during difficult times since, with South Shore Holdings Limited reporting a net loss of about $74.5 million in the 12 months to the end of March.
South Shore Holdings Limited later detailed that the annual deficit increase led to total damage worth about $599.2 million due to a lower-than-expected share of The 13, with a historical loss to the property now worth about $892.4 million.
The deal also includes a two-year provision that gives ITC Properties Group Limited the option to purchase an additional 30% stake in 13. The company is reportedly investigating the potential synergies between the hotel and the adjacent residential complex under development by a subsidiary of Concord Industrial and Commercial Development Enterprise Limited. 슬롯
"Given the knowledge and experience gained through Concord Industrial and Commercial Development Enterprise Limited, the directors believe this acquisition is a good investment for the Group to acquire a stake in the Macau real estate project and increase its exposure to the Macau real estate market."