AMTD Group Inc. ("AMTD Group"), AMTD IDEA Group (NYSE:AMTD, SGX: HKB))), AMTD Digital Inc. (NYSE:HKD) and The Generation Essentials Group (", TGE", , NYSE:TGE, LSE: TGE), a subsidiary of AMTD Digital Inc., announce jointly the successful execution of a sales and purchase agreement ("SPA") for the 100% acquisition of the Hilton Garden Inn New York City Tribeca. Closing of the acquisition is subject to customary closing conditions.
Located at the heart of Tribeca along Avenue of the Americas and bordered by SoHo, Hudson Square, and Battery Park, the Hilton Garden Inn New York City Tribeca is the center of Lower Manhattan's most dynamic and evolving neighborhoods. The hotel features 151 rooms, more than 5,000 square feet of retail space designated for food and beverage operations, a rooftop area, and amenities including a fitness center and a business center.
Having created the size and magnitude of a fast growing and a globally independent hotel group, TGE celebrates 2025 as a pivotal year for expanding its hospitality business sector, TGE has 4 acquisition deals announced in major cities around the world within the financial year 2025. The successful execution of the SPA of the New York hotel stands out as a significant milestone as TGE closes out the year.
The recent execution of definitive acquisition agreements in relation to three hotels, after TGE's completion of its de-SPAC transaction with a special purpose acquisition company under Lawrence Ho's Black Spade Capital, involves a total valuation of over USD300 million of assets and is expected to result in a rapid expansion of TGE's hotel portfolio by approximately 500 rooms in just 6 months if consummated.