Prince seals hotel deal

TOKYO-BASED Prince Hotels has completed the takeover of Australian-based Staywell Hospitality Group in the country’s largest hotel merger and acquisition of the year.

A subsidiary of Japanese Investment giant Seibu Holdings, the $50 million deal will add 30 hotels, including 12 in Australia to Prince Hotel’s portfolio with significant further international growth to come. Savills Hotel’s Vasso Zographou who struck the deal with Michael Simpson, said Staywell had reached a stage where further capital would assist funding future expansion and growth.

Staywell operates hotels under the Park Regis and Leisure Inn brands.