Tokyo-based Seibu Prince Hotels Worldwide has agreed to acquire Ace Group International, parent company of the Ace Hotel boutique chain, for approximately $90 million.
The deal includes Ace's in-house creative agency, Atelier Ace. The transaction is expected to close by the end of this month.
Seibu Prince has established a new U.S. subsidiary, Ace Hotels Worldwide Inc. Ace will operate as a subsidiary of Seibu Prince's hotel division while retaining independence in brand and creative direction.
Founded in Seattle in 1999, Ace currently operates eight hotels in New York (one in Manhattan, one in Brooklyn); Palm Springs, Calif.; Kyoto, Japan; Sydney; Toronto; and Athens. The brand plans to open the Ace Hotel Fukuoka in Japan in 2027.
Seibu Prince has 86 hotels, 31 golf courses and 10 ski resorts across Asia, the Middle East and the U.S. In a statement, CEO Yoshiki Kaneda described the synergy between the two companies as "powerful."