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StayWell Hospitality Group joins leading Japan hotel group Prince Hotels

July 5, 2017 Hotel Developments No Comments Email Email

Prince Hotels, Inc. (Head Office: Toshima-ku, Tokyo; President: Shigeyoshi Akasaka (Hereinafter “Prince Hotels”), a consolidated subsidiary of Seibu Holdings Inc., has concluded Share and Asset Sales Agreement with StayWell Hospitality Group Pty Ltd (Head Office: Sydney, Australia; CEO: Simon Wan (Hereinafter “SWHG”) to acquire the business operations of SWHG which operates and develops 30 hotels (18 existing hotels, 12 hotels currently under development and a substantial development pipeline). Prince Hotels will establish the 100% fully owned Australian subsidiary StayWell Holdings Pty Ltd (Hereinafter the “New Company”), and this New Company will acquire all shares of SWHG’s 22 operating subsidiary companies from SWHG. Proceedings are expected to be completed within the next three months.

Details

1. Purpose of Business Acquisition 

This business acquisition is being carried out in order to further the globalization of the Seibu Group’s hotel and leisure businesses which serve as a driving force for continued and stronger growth for the Seibu Group. 

This acquisition will add the 30 hotels (18 existing hotels, 12 hotels currently under development and a substantial development pipeline) operated and developed by SWHG in 7 countries and 21 cities to the existing Prince Hotels network which serves as the core of the Seibu Group’s hotel and leisure businesses. 

The new properties will serve as further global development and operation platforms (organizations and personnel) which will allow the Seibu Group to expand the profit earning opportunities of its international hotel business and carry out faster development of hotels in Southeast Asia, Asia and Oceania, the Middle East, and Europe. Seibu Group plans to deploy 100 hotels in 10 years

Prince Hotels has agreed to retain all of StayWell’s existing senior management team and the current business plan and operating platform of StayWell under the leadership of Mr. Simon Wan. Prince Hotels has also agreed to continue working with StayWell’s existing strategic partners including Manhatton Hotel Group in China, Cristal Group in the Middle East and FiveWays Hospitality in the United Kingdom. The transaction will enable the further expansion and development of StayWell’s business. 

2. Business Acquisition Costs 

Approximately A$50 million

3. StayWell Hospitality Group Pty Ltd Overview

Prince Hotels, Inc. President & Representative Director Shigeyoshi Akasaka

Prince Hotels is enjoying good performance with the recent growth of tourism within Japan. During these favorable conditions we are looking toward the year 2020 and beyond and focusing on international 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. SWHG operates hotels in 7 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.

I believe that this is the great first step for Prince Hotels to make rapid progress in the global market.

StayWell Hospitality Group Pty Ltd CEO Simon Wan

“StayWell is delighted to be part of the Prince Hotel family, a well-respected Hotel Group locally in Japan and internationally, and to spearhead Prince’s global expansion plan” stated Mr Wan. “I am confident that StayWell will meet its growth and financial performance targets with the support and resources of the Prince group” added Mr Wan

Mr. Wan has been an international hotelier for more than 30 years and worked for a number of large international hotel groups such as Holiday Inn, Hyatt, Southern Pacific Hotel Corporation, Park Plaza and Accor. Currently Simon is the CEO and Managing Director of StayWell Hospitality Group. He established StayWell Hospitality Group in 2006.

Simon, a seasoned hotelier, has built a portfolio of 30 properties in 7 countries from StayWell Hospitality Group’s Sydney based office. He is a successful entrepreneur and business builder with deep international commercial expertise.

5. Schedule

(1) Conclusion of share transfer agreement – July 3, 2017

(2) Transaction closing – Early October 2017

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