AUSTRALIA | AMTD Digital's Subsidiary TGE executed SPA successfully to Acquire 50 percent in the Ritz Cartlon Hotel Perth, Western Australia.
AMTD Group Inc., AMTD IDEA Group, and The Generation Essentials Group, a subsidiary of AMTD Digital Inc., have jointly announced that TGE has entered into the SPA with FEC Holdings and FEC Hotel, whereby the Vendors have agreed conditionally to sell, and the Purchaser has agreed conditionally to purchase a 50 percent stake in the Ritz Carlton Hotel in Perth, Australia.
The transaction will take place by way of acquisition of the Sale Shares and assignment of the Sale Loan, at an aggregate consideration of AUD 100 million (equivalent to approximately USD 66.4million), subject to the terms and conditions of the SPA.
The acquisition of The Ritz-Carlton, Perth represents a significant milestone in TGE's strategic expansion within the hospitality sector. This transaction reinforces TGE's dedication to enhancing its global footprint with premium properties in key markets around the world.
With a portfolio that includes hotel properties in major cities worldwide, such as the iclub AMTD Sheung Wan Hotel in Hong Kong, Dao by Dorsett AMTD Singapore, as well as recently announced acquisitions in New York, London, and Malaysia, the addition of The Ritz-Carlton, Perth, further strengthens TGE's global hospitality offerings.
The Ritz-Carlton, Perth, marks the 100th Ritz-Carlton property globally. Strengthened by the globally recognised Ritz-Carlton brand, this acquisition aligns perfectly with TGE's vision of delivering exceptional hospitality experiences and VIP services around the globe.
The Target Group holds The Ritz-Carlton in Perth, a luxurious 5-star hotel, as a whole building situated on the Elizabeth Quay waterfront. The hotel features 205 elegantly appointed guest rooms and suites, each with floor-to-ceiling windows that offer stunning views of the river, skyline, and urban parks.
The hotel provides sophisticated amenities, including a rooftop bar and a river-view infinity pool, while its culinary experiences showcase the finest local ingredients from Western Australia. The Ritz-Carlton Perth combines timeless luxury with a romantic setting, making it also an ideal venue for weddings and receptions.
"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,” said Dr. Feridun Hamdullahpur, Chairman of the Board of Directors of TGE.
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