Prince Hotels, Inc., a consolidated subsidiary of Seibu Holdings Inc., has concluded Share and Asset Sales Agreement with StayWell Hospitality Group Pty Ltd to acquire the business operations of SWHG which operates and develops 30 hotels (18 existing hotels and 12 hotels currentlyunder development).
Prince Hotels will establish the 100% fully owned Australian subsidiary StayWell HoldingsPty Ltd, and this New Company will acquire all shares of SWHG's 22 operatingsubsidiary companies from SWHG. Proceedings are expected to be completed within the next three months.
This acquisition will add the 30 hotels (18 existing hotels and 12 hotels currently under development) operated and developed by SWHG in 7 countries and 21 cities to the existing Prince Hotels network which serves as the core of the group's hotel and leisure businesses.
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