The 13 Hotel sells Rolls-Royce Phantom to enhance liquidity

The company responsible for The 13 Hotel has sold one of its customised Rolls-Royce Phantoms for HK$3.5 million (US$449,664), in order to enhance its liquidity.

According to a Hong Kong Stock Exchange filing, the sale was carried out by The 13 Group (Macau) Ltd., a subsidiary of South Shore Holdings Limited, with Empresa de Fomento Industrial e Comercial Concórdia

In 2016, the company behind the hotel announced it had purchased 30 customised Rolls-Royce Phantom luxury cars designed and ordered by its former owner, billionaire Stephen Hung, for an estimated US$20 million (MOP160 million).

The Phantoms were said to be used to chauffeur VIP guests to and from the hotel and were considered the single commission in Rolls-Royce history, with two of the models said to have been built with gold and the most expensive vehicles the company had ever produced.

In 2019 South Shore announced that it had sold 24 of its 30 customised Rolls-Royce Phantom Extended Wheelbase luxury cars for some HK$24 million in order to help repay some of its bank loans.

Part of Orient Town Ltd., Empresa de Fomento Industrial e Comercial Concórdia SA is a company engaged in real estate development and investment.

Concórdia is the developer behind the One Oasis and Sky Oasis complexes next to the hotel, with shareholders including Nan Fung Group, Success Universe Group Ltd, ARCH Capital and Macau-based Linkeast Investments Ltd, which is linked to the family of late local business tycoon Ma Man Kei.

A 35 per cent stake of Concórdia is also held by ITC Properties, a Hong Kong-listed that indirectly owns an interest in the hotel and its land.

The land rights for the plot where The 13 Hotel was developed were sold by Concórdia to Paul Y. Engineering Group Ltd — now known as South Shore — for HK$2 billion in 2012.

Due to the COVID-19 South Shore decided to suspend operations at the hotel since March 2020, with the property remaining closed since then.

The hotel segment of the group recorded total liabilities of approximately HK$6.4 billion which include liabilities of convertible bonds issued and bank and other borrowings for financing the hotel development and operations.

South Shore indicated in its 2020 annual report that it is “working hard to seek prospective buyers for the hotel as well as other measures with a view to strengthen our balance sheet”.

This was after an attempt to sell the ownership of the property for HK$750 million fell through, in September of last year.