The company behind Macau’s struggling 13 Hotel has sold 24 of the resort’s 30 custom Rolls-Royces to repay a bank loan.
South Shore Holdings said it realized HK$24 million (US$3 million) by parting with the specially designed extended-wheelbase Phantoms, which were purchased in 2016 for US$20 million as a signature attraction of the luxury property. The vehicles were reported to have been personally designed by the 13’s former co-chairman and executive director, Hong Kong billionaire Stephen Hung.
The buyer was announced as one Cai Yan Ping with no details given.
The 13 held a soft opening last August after months of delays due to difficulties in obtaining financing to complete the resort, located south of Macau’s Cotai Strip. Even now, a number of the hotel’s luxury suites remain unfinished, according to local news reports.
Hung had resigned six months earlier and was succeeded as South Shore chairman by Hong Kong-based investor Peter Lee Coker, one of the 13’s original executive directors.
South Shore recorded some HK$442.3 million in losses for the six months that ended on September 30, 2018 and is reported to be seeking fresh investment to deal with group liabilities totaling some HK$7.9 billion, of which HK$4.09 billion represent bank borrowings due in one year.
