Hong Kong-based New World Hospitality has agreed to purchase luxury chain Rosewood Hotels & Resorts from Rosewood Corp. and Maritz, Wolff & Co. for $229.5 million.
New World Hospitality manages New World hotels in China and Southeast Asia; the company describes the New World brand as “deluxe.” New World Hospitality also manages the select-service Pentahotels brand in Shanghai and Beijing.
Dallas-based Rosewood, which has 19 hotels and resorts worldwide, will operate as the luxury brand in New World Hospitality’s portfolio.
"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," said Sonia Cheng, New World Hospitality chairwoman.
Rosewood CEO John Scott said, "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."