The company intends to sell the hotel before March 2021 in order to improve the group’s liquidity amid the pandemic crisis.
Macau.- South Shore Holdings has confirmed it intends to seek prospective buyers for The 13 hotel and resort. The company wants a sale as soon as possible to improve the group’s liquidity and financial position.
THE 13 was originally envisioned as an ultra-luxury hotel with space for 66 VIP gaming tables, but after financing trouble it opened in September 2018 with no gaming and a number of rooms unfinished.
According to South Shore, it expects to sell the venue before March 2021 to avoid an audit modification that values THE 13 – including the cash-generating units of the hotel business such as property, right-of-use assets, equipment and other assets – at HK$4.1 billion (US$528.8 million).
South Shore has outlined an action plan to avoid that kicking in at the end of the financial year.
It said: “The Company will continue with its endeavours to seek prospective buyers for the Hotel and execute a sale as soon as possible … within this financial year.”