AMTD Digital subsidiary The Generation Essentials Group (TGE) has reached an agreement to purchase the Ritz Carlton hotel in Perth, Western Australia.
The unnamed seller and TGE have finalised terms for the acquisition. No financial details of the agreement have been disclosed at this time.
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Both parties confirm that completion is expected following satisfaction of all closing requirements.
Located at Elizabeth Quay on the banks of the Swan River, the Ritz Carlton Perth operates as part of a large-scale development in the city’s central business district.
Opened in 2019, the hotel comprises 205 guest rooms and suites, a restaurant and lounge, a bar, fitness centre, spa facilities, infinity pool, and event spaces.
The property also marked the 100th Ritz Carlton branded property worldwide and forms part of Marriott International’s luxury hotel portfolio.
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By GlobalDataThe planned acquisition aligns with TGE’s stated intention to expand its activities in the global hospitality sector.
This transaction is positioned alongside TGE’s wider operations in multimedia, entertainment, cultural affairs, hospitality, and VIP services worldwide.
Headquartered in France, TGE was created through a partnership between AMTD Group, AMTD IDEA Group, and AMTD Digital.
TGE operates L’Officiel, The Art Newspaper, and manages cinema and entertainment projects.
The acquisition announcement follows after AMTD Group revealed last week that it is in talks with various parties about possible hotel acquisitions in different countries.
AMTD said one property in New York City is currently under exclusive negotiation. It also noted that it is exploring several opportunities to acquire hotels across Europe, Southeast Asia, Australia and New Zealand.
The group expects to grow its hotel portfolio to more than 1,000 rooms over the next 12 to 15 months.
Last week, TGE’s board approved the development of The Art Newspaper Hotel, which is planned to open in either 2026 or 2027 as the first hotel under this name.
TGE plans to roll out this hotel brand internationally, aiming to open four to five hotels worldwide over the next five years.
