HONG KONG-based New World Hospitality has signed a purchase and sale agreement to acquire Rosewood Hotels & Resorts, a privately held ultra-luxury hotel management company based in the US.
The closing date for the US$229.5 million purchase from current owners Rosewood Corp. and Maritz, Wolff & Co. is July 29.
Rosewood Hotels & Resorts, with 19 properties in eight countries, will operate as the premium luxury brand in New World Hospitality’s portfolio, and will later extend its reach to new international markets with New World Hospitality’s support.
Sonia Cheng, chairman of New World Hospitality, said: “This acquisition represents a strategic direction for our company to establish a robust presence in the international luxury hospitality arena. With our strong Asia base, Rosewood will be positioned for substantially accelerated global growth.”
New World Hospitality manages the New World Hotels brand of deluxe properties in China and South-east Asia, as well as the select service pentahotels brand in Shanghai and Beijing.
The group is aggressively expanding its presence, with more than 20 properties under development.
