AMTD Digital’s subsidiary TGE has acquired a 50% stake in The Ritz-Carlton Hotel in Perth, Australia, for A$100m. The deal was reached with FEC Holdings and FEC Hotel, including the sale shares and loan assignment. TGE plans to expand its international hospitality portfolio with this acquisition, which includes properties in various global locations like Hong Kong, Singapore, and New York.

The Ritz-Carlton, Perth, a five-star hotel on the Elizabeth Quay waterfront, offers 205 guest rooms and suites, a rooftop bar, and an infinity pool. The hotel highlights local ingredients from Western Australia in its dining options. As part of Marriott International, Ritz-Carlton operates 100 hotels globally, with Perth being a key location.

TGE, jointly formed by AMTD Group, AMTD IDEA Group, and AMTD Digital, is expanding its presence in various sectors, including hospitality. TGE’s chairman, Dr. Feridun Hamdullahpur, expressed plans to grow the hotel portfolio across major continents, including Australia, Hong Kong, Singapore, Malaysia, London, and New York City. The acquisition of The Ritz-Carlton in Perth marks a significant milestone for TGE’s global expansion strategy.

Read more at Yahoo Finance: TGE finalises deal to acquire 50% stake in Ritz Carlton, Perth