Prince Hotels Inc. will acquire the business operations of Australian hotel chain StayWell Hospitality Group Pty. for ´4.3 billion, according to Seibu Holdings Inc., the parent of Prince Hotels.
StayWell operates a total of 30 hotels, including those under development, in Australia, India and five other countries.
Through a wholly owned subsidiary in Australia, Prince Hotels will acquire all shares in 22 StayWell units engaged in hotel and other operations. The procedures will likely end in October.
Prince Hotels aims to boost the number of overseas hotels under its wing to 100 inÊten years.
The deal will help ÒaccelerateÓ Prince Hotels’ overseas expansion, Seibu President Takashi Goto told a press conference on Monday.
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