13 Hotel new owner sells Singapore assets to focus on Macau
The new owner reportedly plans to invest HK$200m to HK$300m (US$25m to US$38m) in interior and exterior renovations.
Macau.- The new owner of The 13 Hotel, businessman Loi Keong Kuong and his family, has reportedly divested five shophouses in Singapore for S$50.7m (US$39.5m). The news follows the recent acquisition of the luxury hotel property in Seac Pai Van, Coloane, for HK$600m (US$76.4m).
The Business Times reported that the five shophouses, located on Pagoda Street in Singapore’s Chinatown and each ranging from 1,347 to 1,545 square feet, were sold at a combined price roughly 13.5 per cent below their original purchase value of SG$58.6m (US$45.7m) in 2015–2016. The Loi family also owns seven retail units and a parking facility in a nearby shopping complex.
Industry insiders cited by The Business Times suggest the family may be “rebalancing its real estate portfolio in favour of Macau and other markets.” Loi Keong Kuong is the vice president of the Macau General Association of Real Estate. He is known for founding the Rio Hotel in the NAPE district, which once housed a satellite casino under Galaxy Entertainment Group’s gaming concession. The casino ceased operations in 2022.
Earlier this week, The head of the Macau Government Tourism Office (MGTO), Maria Helena de Senna Fernandes, said that the final phase of the ownership handover process of The 13 Hotel is in progress. The new owner reportedly plans to invest HK$200m to HK$300m (US$25m to US$38m) in interior and exterior renovations.
The troubled luxury hotel opened in 2018 with 196 guest rooms ranging from 1,800 to 5,000 square feet as well as three villa-style suites, restaurants, a spa, gym and a car park. It immediately faced setbacks when it failed to gain a gaming licence.
