Australia based StayWell Hospitality Group is being acquired by Prince Hotels of Japan.
Prince Hotels, a subsidiary of conglomerate Seibu Holdings Inc., has completed a share and asset sales agreement which paves the way to take over the operations of SWHG.
Staywell operates 18 existing hotels with another dozen under development.
Staywell has a presence in seven countries including India, Indonesia and Australia in the Park Regis and Leisure Inn brands,
"In order to expand overseas, we believe that it is important to not only expand strategic bases but also to cultivate internationally minded personnel," said Prince Hotels’ president Shigeyoshi Akasaka.
"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."
SWHG’s existing senior management team will stay on under the leadership of CEO Simon Wan.
"I am confident that StayWell will meet its growth and financial performance targets with the support and resources of the Prince group," Wan said.
The transaction is expected to complete within the next 90 days.
