AMTD IDEA Group (NYSE: AMTD) and The Generation Essentials Group (NYSE: TGE), a subsidiary of AMTD Digital (NYSE: HKD), jointly announce that TGE has become the exclusive bidder in relation to an acquisition of a hotel located in the New York City.
This New York hotel features at least 150 rooms, along with over 5,000 square feet of retail space designated for F&B operations, a rooftop area, and amenities including a fitness centre and a business centre etc.
The relevant parties are currently in exclusive negotiation stage and are working towards a definitive purchase agreement, with a target closing date set for the end of 2025. The proposed acquisition will be subject to the satisfaction of various conditions to be set forth in the definitive agreements.
Today, AMTD's hotel portfolio includes 366 rooms, comprising the iclub AMTD Sheung Wan Hotel in Hong Kong with 98 rooms and the Dao by Dorsett AMTD Singapore with 268 rooms.
Assuming the New York hotel acquisition can be completed, along with the previously announced London hotel - "Dao by Dorsett AMTD Hornsey" with 68 rooms, the total number of rooms could potentially increase by 219, bringing the overall AMTD hotel portfolio to 585 rooms, representing a growth of approximately 59.84%.
AMTD shares hesitated 19 cents, or 14.9%, to $1.10, while those for TGE gained 36 cents, or 44.4%, to $1.17.
