Mr. Lagerfeld, the fashion icon who had worked with brands including Chanel and Fendi, passed away on Tuesday.
The hotel was set to be completed in the year 2017 according to a press release issued by SJM Holdings, the deal had originally been signed in March 2014.
Ambrose So Shu Fai, Chief Executive Officer of SJM Holdings, said earlier this month that the firm was confident it would be able to complete the construction of the Grand Lisboa Palace and apply for licensing in 2019.
In its statement on Wednesday the casino firm expressed their grief on the passing of Karl Lagerfeld. They further added, “Our thoughts are with them and with all those in the design world to whom he was such an inspiration. It has been an honour for SJM to work with him, and we look forward to completing the Karl Lagerfeld Hotel at the Grand Lisboa Palace in Macau as a legacy to his creative genius.”
The Karl Lagerfeld hotel will is one of the three hotel brands at Grand Lisboa Palace that would supply 2,000 hotel rooms.
According to the original deal the hotel was supposed to have 270 guest rooms and suites in a 20-storey exclusive tower.
An executive of the Karl Lagerfeld Group said at that time that the project was set to mark a very significant milestone in the development of the business and brand, globally and in China.
Donatella Versace, italian designer, who attended a press conference at SJM Holdings’ Macau flagship property of Grand Lisboa has been quoted on Tuesday as paying a tribute to the late designer who influenced her and her brothers work.