Prince Hotels buying Australian operator
Purchase will extend global reach of upscale Japanese chain
TOKYO -- Prince Hotels will acquire the hotel business of Sydney-based StayWell Hospitality Group, the Japanese luxury hotel chain announced Monday.
The Tokyo-based company, a subsidiary of Seibu Holdings, will purchase all shares of 22 of StayWell's subsidiaries for about 50 million Australian dollars ($38.2 million) within the next three months through its newly established Australian unit.
Prince Hotels previously outlined plans to bring its hotel numbers in Japan and abroad to a total of 150 over the next three years. With the addition of StayWell's locations, it will seek to reach 250.
StayWell operates brands Park Regis and Leisure Inn in 18 sites in six countries, including in Asia and the Middle East. The Australian hotel chain is developing 12 new locations, aiming to eventually operate 100 hotels. While StayWell's hotels will keep their brand names for the time being, they may be changed to Prince Hotel in the future.
Prince Hotels also hopes to upgrade the quality of service for foreign tourists staying at its Japanese hotels via personnel exchanges and joint training programs with StayWell.