The 13 Hotel sells Rolls-Royce Phantom to improve cash flow

The company responsible for The 13 Hotel sold one of its custom Rolls-Royce Phantoms for HK $ 3.5 million (US $ 449,664), in an effort to improve cash flow.

According to a document filed on the Hong Kong Stock Exchange, the sale was made 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 that it had purchased 30 custom Rolls-Royce Phantom luxury cars designed and commissioned by its former owner, billionaire Stephen Hung, for an estimated $ 20 million (160 million MOP).

The Phantoms were said to have been used to drive VIP guests to and from the hotel and were considered the only commission in Rolls-Royce history, with two of the models said to have been built with gold and the most expensive that the company has ever produced. .

In 2019 South Shore announcement that he had sold 24 of his 30 custom Rolls-Royce Phantom Extended Wheelbase luxury cars for some HK $ 24 million to help pay off some of his 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 Linkeast Investments Ltd, based in Macau, which is linked to the family of the late local business tycoon. My Man Kei.

A 35 percent stake in Concórdia is also owned by ITC Properties, a Hong Kong listed company that indirectly holds an interest in the hotel and its land.

The land rights to the land on which 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 COVID-19, the South Shore has decided to suspend the operations of the hotel since March 2020, the property remaining closed since then.

The hotel segment of the group recorded total liabilities of approximately HK $ 6.4 billion, which includes convertible bond liabilities issued and bank and other loans to finance the development and operation of the hotel. .

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

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

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