Japanese hospitality operator Seibu Prince Hotels Worldwide (SPW), a core company of Seibu Group, has acquired Ace Group International (AGI), parent company of Ace Hotel and its in-house creative agency Atelier Ace. The acquisition was completed through SPW’s newly established U.S. subsidiary, Ace Hotels Worldwide Inc.
The deal is expected to close by the end of September, upon which SPW will pay approximately $90 million to acquire Ace. Together, SPW and Ace will operate 94 hotels worldwide, with 7 more in the pipeline.
Under the agreement, Ace Hotel will operate as a subsidiary of SPW’s hotel division while retaining independence in brand and creative direction.
“Today marks an important milestone in SPW’s journey to become a truly global hotel group with Japanese roots,” said Yoshiki Kaneda, president/CEO, SPW. “Ace Hotel brings a distinctive cultural spirit that perfectly complements our portfolio. By uniting Ace’s pioneering approach with SPW’s heritage of omotenashi, the Japanese art of genuine hospitality, and our global footprint, we are creating a hospitality group that is authentic and globally trusted.”
Brad Wilson, chairman, Ace Hotel, added, “We’re honored to join Seibu Prince Hotels Worldwide. Over the past decade, we’ve grown the Ace brand globally while staying true to our founding principles: transforming historic buildings, contributing to neighborhood revitalization and creating places that honor culture and community. Seibu Prince shares these values, and with their strategic vision and international reach, we can continue to safeguard Ace’s independent spirit while taking the brand to new heights.”
The Ace brand portfolio comprises eight hotels, including locations such as Ace Hotel New York, Ace Hotel Kyoto, Ace Hotel Brooklyn and the recently opened Ace Hotel & Swim Club Athens. Development projects currently in progress include Ace Hotel Fukuoka, slated for opening in 2027, with further expansion anticipated across North America, Asia and Europe.
“Ace has established itself as a leader in experiential hospitality, with a proven ability to create destinations that resonate across cultures and markets,” said Chris Penn, CEO, Ace Hotel. “Our partnership with SPW provides the platform to accelerate expansion, strengthen our market presence and deliver long-term value, while staying true to Ace’s distinct hospitality model rooted in cultural engagement and creative expression. Together, we are entering the next chapter in Ace’s evolution as a global company.”
The transaction marks a significant step in SPW’s long-term strategy to expand its global portfolio to 250 hotels by FY2035, according to the company. It already operates 86 hotels, 31 golf courses and 10 ski resorts.
“The fit between our two companies is powerful,” added Kaneda. “Seibu Prince brings scale, infrastructure and development expertise across Asia-Pacific and the Middle East, while Ace has deep credibility and a proven track record in North America and Europe. By combining these strengths, we can expand faster and more effectively together.”
The post Seibu Prince Hotels acquires Ace Hotel parent company for $90M appeared first on hotelbusiness.com.
Source: hotelbusiness.com
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