Prince Hotels Inc, a consolidated subsidiary of Seibu Holdings Inc has acquired StayWell Hospitality Group (SWHG) along with the business operations of StayWell Group which operates and develops 30 hotels globally. Prince Hotels will establish the 100% fully owned Australian subsidiary StayWell Holdings Pty Ltd and this new company will acquire all shares of SWHG’s 22 operating subsidiary companies from SWHG. Proceedings are expected to be completed within the next three months.
Shigeyoshi Akasaka, President and Representative Director, Prince Hotels, said, “Prince Hotels is enjoying good performance with the recent growth of tourism within Japan. To expand overseas, we believe that it is important to not only expand strategic bases but also to cultivate internationally minded personnel. As a family of Prince Hotels, the business with SWHG will bring us significant beneficial opportunities and international elements.”
“StayWell is delighted to be part of the Prince Hotel family, a well-respected Hotel Group locally in Japan and internationally and to spearhead Prince’s global expansion plan. I am confident that StayWell will meet its growth and financial performance targets with the support and resources of the Prince group,” stated Simon Wan, CEO, Staywell Hospitality Group.
This business acquisition will further strengthen the globalisation of the Seibu Group’s hotel and leisure businesses which serve as a driving force for continued and stronger growth for the Seibu Group. This acquisition will add the 30 hotels operated and developed by SWHG in seven countries and 21 cities to the existing Prince Hotels network which serves as the core of the Seibu Group’s hotel and leisure businesses.