Prince Hotels continues global expansion with acquisition of StayWell Hospitality Group
Tokyo-based Prince Hotels has acquired Sydney-based StayWell Hospitality Group (SWHG) in a $50 million agreement
Prince Hotels will add to its network SWHG's portfolio of 30 hotels (18 existing hotels, 12 hotels currently under development), which includes the Park Regis and Leisure Inn brands.
Prince Hotels president and representative director Shigeyoshi Akasaka said the acquisition is a great first step for Prince Hotels to make rapid progress in the global market.
"In order to expand overseas, we believe that it is important to not only expand strategic bases but also to cultivate internationally minded personnel," he said.
"SWHG operates hotels in seven countries and has many talented personnel who understand the regional characteristics of each country where SWHG operates. As a family of Prince Hotels, the business with SWHG will bring us significant beneficial opportunities and international elements."
Prince Hotels has agreed to retain all of SWHG's existing senior management team and the current business plan and operating platform under the leadership of SWHG CEO Simon Wan.
Wan said the company is delighted to be part of the Prince Hotels family and to spearhead its global expansion.
"I am confident that StayWell will meet its growth and financial performance targets with the support and resources of the Prince group," he said.
About StayWell
Based in Sydney Australia, StayWell Hospitality Group operates two high profile hotel brands - Park Regis and Leisure Inn. StayWell has a growing international hotel network now numbering 32 properties across Australia, Singapore, Indonesia, India, the United Kingdom, and United Arab Emirates. The company is privately owned by three stakeholders - Simon Wan (CEO and Managing Director), Richard Doyle (Executive Director and Corporate Counsel), and Bal Sohal (Non-Executive Director). StayWell has a defined strategy to grow its portfolio within three years to a network of more than 100 hotels across Australia, South East Asia, India, China and Europe.