AMTD Digital subsidiary The Generation Essentials Group (TGE) has agreed to acquire the Ritz Carlton hotel in Perth, Australia. The sale has been finalized with no disclosed financial details. The hotel, located at Elizabeth Quay, features 205 guest rooms, a restaurant, fitness center, spa, and infinity pool. TGE plans to expand its presence in the global hospitality sector with this acquisition. Additionally, TGE’s board has approved the development of The Art Newspaper Hotel, set to open in 2026 or 2027, with plans to establish four to five hotels worldwide in the next five years. AMTD Group is also in talks for hotel acquisitions in various countries, aiming to grow its portfolio to over 1,000 rooms in the next 12 to 15 months.

Read more at Yahoo Finance: TGE to acquire Ritz Carlton hotel in Perth, Australia