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New World Signs Purchase and Sale Agreement to Acquire Rosewood Hotels & Resorts

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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.

 This development 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 reputation.”

The acquisition of Rosewood follows news last week that New World had taken over management of the Chancery Court Hotel in London.

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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