New Australian hotel group StayWell plans to expand to 100 hotels in three years
StayWell was founded in 2006 by hotelier Simon Wan, former Baker & McKenzie partner Richard Doyle, and another businessman, Bal Sohal. It began with five hotels in NSW and Tasmania but the company now has an international portfolio of 32 properties. It operates the Park Regis and Leisure Inn hotel brands, which have properties in India, the UK, Singapore, Indonesia and the United Arab Emirates.
Wan, formerly the CEO of ASX-listed Tourism, Hotels & Leisure before it was sold to MFS in 2006, says the expansion will boost the company?s balance sheet to about $500?million over the next three years.
?Most of Australia?s major hotel brands are now overseas owned and operated,? he says. ?We are one of the very few hotel companies based in Australia, and we are proud to not only remain here, but to expand internationally from our Australian base.?
The company will take over Accor management of the five New Zealand properties, which are located in Wellington, Auckland, Dunedin, Rotorua and Picton and now operate under the Mercure brand.
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