Hotel developer The 13 Holdings Limited has reportedly agreed to extend the deadline for the sale of its Paul Y Engineering Group construction unit by another two months.
Hong Kong-listed The 13 Holdings Limited is currently completing work on The 13 Luxury Hotel on a 65,000-square-foot site near the border of Macau’s Cotai and Coloane regions. The property under construction is set to be one of the most expensive K-Dang hotels ever built, but the developer missed the opening deadline set by creditors that lent the project about $387 million.
In an effort to attract additional funding and ultimately open The 13, the developer reportedly described an agreement in October to sell Paul Y Engineering Group for $38.41 million and raise approximately $262.18 million through loans and rights issues, and also secured an additional $76.73 million worth of conditional offers that would be possible once the property begins welcoming guests.
The Asia Gaming Brief reports that 13 Holdings Limited, known as Louis XIII Holdings Limited before the name change, was set to sell its subsidiary of Paul Y Engineering Group, but the new deadline eventually means the deal could run until next year.