Macau luxury hotel, The 13 is nearing completion and on track to open in the first quarter of 2017, according to its operator.
The 13 Holdings, which filed its interim report on Sunday to the Hong Kong Stock Exchange said it was “going through the process of various government inspections in anticipation of obtaining the occupation permit by the end of 4th quarter of 2016.”
The 13 is an exclusive luxury hotel and entertainment complex, on a site of some 65,000 square feet located on the Cotai Strip of Macau. The hotel is expected to attract ultra-high net worth visitors.
While Macau’s VIP market has continued to struggle over the last two years – slumping 17.3 percent in the first half of 2016 compared to the same period in 2015, the company said it is still well positioned to compete in the slow market.
“Despite the anticipated volatile market conditions, the Group feels that its niche strategy of targeting a global clientele of high net worth aspirational spenders with a uniquely rare and remarkable product, is well positioned to compete in a slow market and is a business model that will prove to be highly resilient even in a market downturn.”
“We expect that Macau will eventually return to long-term moderate growth driven by the introduction of new transportation infrastructure, continued increase in hotel rooms and the development of neighboring Hengqin Island which will transform Macau into a leading tourism hub in Asia,” said the operator.