Company: TGE
Filing Date: 2025-07-03
Form Type: F-1/A
Source: 0001213900-25-061211
Chunk: 66

Company: Generation Essentials Group
Filing Date: 2025-07-03
Form: F-1/A
Chunk 66
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 to the hospitality industry, including:

| ● | significant competition from hospitality providers in all parts of the world; |

| ● | changes in the supply and demand for hotel services, including rooms, food and beverage and other products 
 and services;                                                                                              |

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| ● | the financial condition of and relationships with hotel management companies and joint venture partners,                              
 including the risk that they may terminate or fail to comply with the relevant management or joint venture contracts or arrangements; |

| ● | decreases in the frequency of business travel that may result from alternatives to in-person meetings, 
 including virtual meetings hosted online or over private teleconferencing networks;                    |

| ● | increases in operating costs, including employee compensation and benefits, energy, insurance, food and 
 beverage and other supplies;                                                                            |

| ● | the ability of third-party internet and other travel intermediaries who sell our hotel rooms to guests 
 to attract and retain customers;                                                                       |

| ● | delays in or cancellations of planned or future development or refurbishment projects at hotels in our 
 system;                                                                                                |

| ● | cyclical over-building in the hospitality industry; and |

| ● | changes in desirability of geographic regions of the hotels in our business, geographic concentration 
 of our operations and customers and shortages of desirable locations for development.                 |

Any of these factors could
(i) increase our costs or (ii) limit or reduce the prices we are able to charge, or (iii) otherwise affect our ability
to maintain or operate existing properties or develop new properties. As a result, any of these factors can reduce our revenues and limit
opportunities for growth.

The hospitality
market is highly competitive, and we may be unable to compete successfully.

The market to provide hospitality
services is highly competitive and fragmented. 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