Japan’s Seibu Prince Hotels Worldwide will make Ace Group International a wholly owned subsidiary.
Ace Group International, headquartered in New York, USA, operates the lifestyle hotel brand “Ace Hotel.” It opened its first property in Seattle, USA, in 1999. The company now operates eight hotels across the United States, Canada, Australia, Greece, and Japan. In Japan, it opened Ace Hotel Kyoto in June 2020. Located within ShinPuhKan, a mixed-use complex that partially preserves and redevelops the former Kyoto Central Telephone Office and was supervised by architect Kengo Kuma, it has 213 guestrooms.
The share acquisition will be carried out through a new company, Ace Hotels Worldwide, and is expected to be completed as early as September. The purchase price will be up to approximately USD 90 million. After the acquisition, the board will consist of five members: from Ace Group International, Chairman Brad Wilson and Chief Executive Officer (CEO) Chris Penn; and from Seibu Prince Hotels Worldwide, President and CEO Yoshiki Kaneda, Managing Executive Officer Eiichi Akamatsu, and Victor Katsutoshi Osumi, Executive Regional Vice President, Americas.
Seibu Prince Hotels Worldwide operates 86 hotels across 10 brands from luxury to midscale, 31 golf courses, and 10 ski resorts. The company had announced a plan to expand to a total of 250 hotels by 2035, with 100 in Japan and 150 overseas. Seibu Prince Hotels Worldwide has development experience and know-how in Japan, Southeast Asia, Australia, and the Middle East, while Ace Hotel has such experience in North America and Europe; the two will complement each other’s strengths and support development. It also expects to expand the membership network of SEIBU PRINCE CLUB, which has about 2.52 million members in Japan and abroad.
Seibu Holdings had stated it would invest around 300 billion yen by 2035 in hotel renovations and acquisitions of overseas hotels. In the fiscal year ending March 2025, operating profit totaled 292.7 billion yen, aided by the liquidation of Tokyo Garden Terrace Kioicho and other factors.
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