After a long silence, the Macau hotel once mocked as the "Ghost Town Hotel" has recently changed hands. Real estate consultant JLL confirmed that the project was sold for 600 million Hong Kong dollars, with the local Macau company "Chang Fu Investment Limited" taking over. According to Yabo Exchange, Chang Fu is controlled by two individuals closely related to Lui Che Woo, chairman of the Macau Rio Hotel, and it is widely speculated that the Lui family is behind the scenes.
The initial investment in the Thirteen Hotel exceeded ten billion Hong Kong dollars, led by former chairman Hung Wing Chee, aiming to create a VIP gambling paradise. However, the project was repeatedly delayed due to a broken capital chain and lack of a gambling license. The transaction price is about 30% less than the 2020 valuation of 927 million Macau dollars, reflecting its troubled fate.
Lui Che Woo is known as a "Macau real estate and casino tycoon," having managed the Rio Hotel and involved in the gambling industry, and has recently expanded into high-end real estate investments in China and Australia. This acquisition is seen as a potential move for his family to re-enter the gambling industry.
JLL senior director Wong Ka Leung revealed that the new owner plans to significantly renovate the Thirteen Hotel, introduce internationally renowned dining brands, and position it as a "new tourist landmark." Industry analysis suggests that under the backdrop of Macau's tourism recovery and deepening gambling license reforms, this move may indicate that the old forces are attempting to rise again with local capital.
The market is highly concerned about the future direction of the Thirteen Hotel, whether it will reapply for a gambling license and recreate a high-end casino remains unclear, but this transaction has become an important indicator of the changing landscape of Macau's gambling and real estate capital.
