Hong Kong-based hotel management company, New World Hospitality has signed an agreement to acquire Rosewood Hotels & Resorts LLC, a privately held ultra-luxury hotel management company based in Dallas, USA. The US$229.5 million purchase from current owners, Rosewood Corp and Maritz, Wolff & Cois, will close on 29 July 2011, following which Rosewood Hotels & Resorts will operate as the premium luxury brand of New World Hospitality’s portfolio.
“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,” Ms Cheng added.
“We are very excited to be on the cusp of joining hands with a partner that has a deep appreciation for our history, culture and unique brand,” said John Scott, President & CEO of Rosewood Hotels & Resorts. “We are both dedicated to ensuring that Rosewood guests continue to receive a seamlessly superlative experience at Rosewood properties.”
New World said in that following the purchase it now intends to expand the Rosewood Hotels & Resorts portfolio into more international markets. While no specific details were offered, more information is expected to become available upon completion of the acquisition.
Rosewood currently manages 19 properties in eight countries, largely in the US and Caribbean. New World Hospitality meanwhile, operates two brands – the upscale New World Hotels and the select service pentahotel brand. Late last year the company announced an agressive expansion plan which will see the New World portfolio more than double with around 20 hotels currently under development.
Pic caption: Rosewood Mansion on Turtle Creek, Dallas, is Rosewood’s flagship property
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