AMTD Digital’s subsidiary The Generation Essentials Group (TGE) has finalised the sale and purchase agreement (SPA) to acquire a 50% interest in The Ritz-Carlton Hotel in Perth, Australia, for A$100m ($66.4m).
The SPA was reached with FEC Holdings and FEC Hotel, which have agreed to sell the stake under the terms set out in the contract.
The deal involves purchasing the sale shares and assigning of the sale loan.
The development follows after TGE announced plans to purchase the hotel last month.
The acquisition follows ongoing expansion efforts by TGE within the international hospitality sector.
TGE holds a diverse portfolio of hotel interests that includes properties in Hong Kong, Singapore, New York, London and Malaysia.
The Ritz-Carlton, Perth is a five-star hotel on the Elizabeth Quay waterfront and comprises 205 guest rooms and suites.
The hotel features facilities such as a rooftop bar and an infinity pool overlooking the river. Its dining options incorporate local ingredients from Western Australia.
A part of Marriott International, the Ritz-Carlton brand operates 100 hotels worldwide. Perth is recognised as one of its key locations.
France-headquartered TGE was jointly formed by AMTD Group, AMTD IDEA Group and AMTD Digital.
The group operates internationally in the fields of multi-media, entertainment, cultural activities, hospitality and VIP services.
TGE board of directors chairman Dr Feridun Hamdullahpur said: “With our successful execution of a SPA to acquire the 100th Ritz-Carlton worldwide, we, TGE, have now well planned to expand our hotel portfolio across major continents, including Australia, Hong Kong SAR, Singapore, Malaysia, London, and New York City.”
“TGE finalises deal to acquire 50% stake in Ritz Carlton, Perth” was originally created and published by Hotel Management Network, a GlobalData owned brand.
The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
