In Macau the business behind the luxury The 13 hotel has recently announced that it has ended talks that would have seen at least a 50 percent stake in the 200-room property, offload.
According to a report from Inside Asian Gaming, South Shore Holdings Limited, listed in Hong Kong, used an official Tuesday filing to detail that talks between its Uni-Dragon Limited subsidiary and a trio of potential suitors were conclusively halted after the expiry of a deadline that had already been extended three times.
Inside Asian Gaming announced that the transfer will come as a major blow to South Shore Holdings Limited, formerly known as Louis XIII Holdings Limited until a name change in 2016, as it was expected to net of at least $96.77 million from the deals but will now be forced to repay deposits from the trio. The source described that the property firm was struggling to fulfil its late financial obligations and was even forced to apply for a standstill order in April after its bank applied for a loan worth around $320 million.
South Shore Holdings Limited reportedly declined to clarify why the 50 percent stake talks in The 13 broke down but used the filing to clarify that it now plans to continue looking for partners interested in buying a share in the venue situated on the border of the Cotai and Coloane districts of Macau.
The South Shore Holdings Limited filing reportedly read: “The company intends to continue with its endeavours to seek prospective buyer(s) for the hotel and/or the land and execute a sale of the hotel and/or the land and will work with the bank in relation to the term loan in the outstanding principal amount of approximately $366 million as of March 31 on any further remedial measures as appropriate.”