Company: TGE
Filing Date: 2025-12-03
Form Type: 424B3
Source: 0001213900-25-117807
Chunk: 69

Company: Generation Essentials Group
Filing Date: 2025-12-03
Form: 424B3
Chunk 69
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. The barriers to entry are low and new competitors may enter the market at any time. Our
current or potential competitors include global hotel brands, regional hotel chains, independent hotels, online travel agencies and home-sharing
and rental services and short term/vacation rental. Additionally, current or new competitors may introduce new business models or services
that we may need to adopt or otherwise adapt to in order to compete, which could reduce our ability to differentiate our business or
services from those of our competitors. Increased competition could result in a reduction in revenue, fewer attractive properties, higher
costs or reduced market share.

Furthermore, some of our
current or potential competitors, such as major hotel brands, are larger and have more resources than we do. Many of our current and
potential competitors enjoy substantial competitive advantages, such as greater name recognition in their markets, well-established loyalty
programs, longer operating histories and larger marketing budgets, as well as substantially greater financial, technical and other resources.
Moreover, the hospitality services industry has experienced significant consolidation, and we expect this trend may continue as companies
attempt to strengthen or hold their market positions in a highly competitive industry. Consolidation amongst our competitors will give
them increased scale and may enhance their capacity, abilities and resources, as well as lower their cost structures. As a result, our
competitors may be able to respond more quickly and effectively than we can to new or changing opportunities, technologies, standards
or customer requirements. For all of these reasons, we may not be able to compete successfully against current and future competitors.

We own a limited
number of hotels and significant adverse changes at one hotel could have a material adverse effect on our financial performance.

Our hotel portfolio consists
of iclub AMTD Sheung Wan Hotel and Dao by Dorsett AMTD Singapore. Significant adverse changes in the operations of either of these hotels could
have a material adverse effect on our financial performance.

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We may acquire,
renovate and/or re-brand hotels in new or existing geographic markets.

We may develop or acquire
hotels in geographic areas in which our management may have little or no operating experience. Additionally, those and our existing properties
may also be renovated and re-branded. Customers, existing or potential, may not be familiar with our newly renovated hotel or
be aware of the brand change. As a result, we may have to incur costs relating to the opening, operation and promotion of our hotel properties
that are substantially greater than those incurred