Far East Consortium sells Ritz-Carlton stake
Far East Consortium has sold a half stake in Perth’s Ritz-Carlton.
The c$100 million deal is with The Generation Essentials Group, part of the New York listed, Hong Kong and Paris based, AMTD Group.
The pair are believed to have negotiated the Ritz-Carlton deal direct.
FEC failed to sell the hotel and another Ritz-Carlton, in Melbourne, following a public marketing campaign in mid-2023.
Ritz-Carlton Perth
Opened in 2018, marking the Ritz-Carlton brand’s Australian return after 15 years, the hotel forms part of a mixed-use building also with apartments, at 1 Barrack Street, overlooking Elizabeth Bay.
It has 205 suites, a gym and two hospitality spaces: the Songbird bar and Hearth restaurant.
TGEG holds other Asian hotel and lifestyle investments as well as publications, The Art Newspaper and L’Officiel.
The Melbourne Ritz-Carlton is rumoured will put to market again next year.
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