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.
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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.
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By GlobalDataThe 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.”
