New World Hospitality completes Rosewood transaction
03 August 2011
New World Hospitality hotel management company has completed a US$229.5 million transaction to purchase Rosewood Hotels & Resorts, from sellers Maritz, Wolff & Co. Rosewood Hotels & Resorts is a privately held ultra-luxury hotel management company based in Dallas, Texas, USA. Rosewood Hotels & Resorts will operate as the ultra-luxury brand in New World Hospitality's portfolio.
Hong Kong-based New World Hospitality manages ultra-luxury Rosewood Hotels & Resorts in North America,Caribbean/Atlantic and the Middle East; deluxe New World Hotels in China and Southeast Asia; and select service pentahotels represented in Shanghai and Beijing. The group is aggressively expanding its portfolio with more than 20 properties under development. The company is a member of New World Group, a Hong Kong-based leading conglomerate and principal investor in many New World Hospitality properties, which has owned and developed world class, luxury hotel properties for 20 years.
"Rosewood is a very precious and unique brand, built over decades, with inspirational beginnings and the highest standards of excellence in both product and service," says Sonia Cheng, chief executive officer of New World Hospitality. "We will continue this legacy, nurture what makes Rosewood so special and maintain investment in the properties. We also look forward to bringing the Rosewood brand to new markets, both in key gateway cities and exclusive resort locations."
New World Hospitality announced in June its intention to buy the luxury Rosewood Hotels & Resorts as part of its aggressive growth strategy. The Hong Kong-based hotel management company is looking to double in size by 2015.
