Hong Kong-based New World Hospitality hotel
management company has signed a purchase and sale agreement to
acquire Rosewood Hotels & Resorts, L.L.C., a privately held
luxury hotel management company based in Dallas, Texas, USA,
from current owners Rosewood Corp. and Maritz, Wolff & Co.
The closing date for the US$229.5 million
purchase is 29 July 2011.
Rosewood Hotels & Resorts will operate
as the premium luxury brand in New World Hospitality’s portfolio.
heralds the latest stage in the evolution of Rosewood Hotels &
Resorts, from the 1979 opening of its flagship property, Rosewood
Mansion on Turtle Creek in Dallas, to a collection of 19
properties in eight countries that includes some of the most
legendary hotels and resorts in the world.
“We will be
thrilled to welcome Rosewood Hotels & Resorts, one of the
industry’s most illustrious hotel groups, into our family,” said
Sonia Cheng, chairman of New World Hospitality. “This acquisition
represents a strategic direction for our company to establish a
robust presence in the international luxury hospitality arena and,
particularly with our strong Asia base, Rosewood will be
positioned for substantially accelerated global growth. Rosewood’s dedication to the highest calibre of luxury hotel
operations and commitment to providing authentic and distinctive
guest experiences is a perfect fit with our own culture and
vision. We will treasure and protect Rosewood’s legacy, people and
The acquisition of Rosewood follows news last
New World had taken over management of the Chancery Court Hotel in
New World Hospitality manages the New World
Hotels brand of deluxe properties in China and Southeast Asia, as
well as the select service pentahotels brand currently represented
in Shanghai and Beijing. The group is aggressively expanding its
portfolio with more than 20 properties under development.
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