StayWell sold to Prince

TOKYO-BASED company Prince Hotels has acquired Australian hotelier StayWell Hospitality Grp (SWHG) for approx $50 million.

StayWell was established in 2006 and currently has a portfolio of 18 hotels around the world and a further 12 properties currently under development (and others in the pipeline) under its Park Regis and Leisure Inn brands.

Locally, the firm has 12 hotels in Sydney, Melbourne, Brisbane and many regional destinations, and has been steadily building its profile in the Middle East, Asia and India in recent years.

Last year StayWell branched out as far as Europe with the opening of the Park Regis Birmingham and four months ago forged ties with Manhatton Hotel Management to rapidly bolster its presence in China by as many as 60 new hotels over the next 36 months.

Prince Hotels has a collection of 49 hotels, mostly in Japan, along with seven int’l properties.

Its president and representative director Shigeyoshi Akasaka said Prince Hotels was gearing toward the year 2020 and beyond and was focused on int’l expansion.

“In order to expand overseas, we believe that it is important to not only expand strategic bases but also to cultivate internationally minded personnel,” Akasaka said.

He said SWHG’s execs understood regional characteristics of each country where they operated, and “will bring us significant beneficial opportunities and int’l elements”.

The buy-out by Prince will see all of StayWell’s existing senior management team, current business plan & operating platform remain under the guidance of SWHG ceo Simon Wan.

Prince will also continue working with StayWell’s existing strategic partnerships in China, the Middle East and the UK.

The transaction will close in Oct.