Hong Kong–listed developer Far East Consortium (FEC) has sold a 50 per cent stake in the Ritz-Carlton Perth for about $100 million, marking a notable offshore investment into Australia’s luxury hotel market. According to the Australian Financial Review, the buyer is The Generation Essentials Group, a global media and entertainment conglomerate with a growing hospitality footprint across Asia.
The 205-room Ritz-Carlton Perth, which opened in 2019 at Elizabeth Quay, signalled the return of Marriott International’s most prestigious brand to Australia after more than 25 years. The hotel also anchors FEC’s broader mixed-use project, The Towers, which includes a residential apartment development.
Market sources indicate the transaction was negotiated directly between FEC and AMTD, the New York Stock Exchange–listed parent company of The Generation Essentials Group. While the Perth asset changed hands, FEC’s Ritz-Carlton Melbourne remains unsold after both hotels were jointly taken to market in mid-2023 with a combined price expectation of around $500 million.
The Generation Essentials Group operates a diverse portfolio spanning media, culture and hospitality. Its assets include publications such as The Art Newspaper and L’Officiel, alongside premium hotels in Singapore and Hong Kong, and lifestyle venues in Tokyo. The company was established by AMTD Group, a France-headquartered financial services conglomerate.
Industry advisers say the timing of the Perth deal reflects improved trading conditions. Veteran hotel adviser Dean Dransfield noted that room rates in Perth have strengthened materially since FEC first tested buyer appetite two years ago, helping close a deal that once appeared challenging. He added that partial hotel sales are rare, as hotels were historically viewed as volatile and non-institutional assets.
Dan McVay, co-founder of McVay Real Estate, which handled the original marketing campaign, said the Melbourne Ritz-Carlton is still in early trading and may attract stronger interest when relaunched. He expects continued demand from global hotel investors over the next few years.
The transaction comes amid renewed international capital inflows into Australia’s hotel sector, with recent acquisitions in Brisbane and Sydney underscoring growing confidence in tourism fundamentals and premium accommodation assets.
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