Hong Kong-based New World Hospitality hotel management company signed a purchase-and-sale agreement to acquire Rosewood Hotels & Resorts from current owners Rosewood Corp. and Maritz Wolff & Co.
The closing date for the $229.5 million purchase is set for July 29.
“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, chairman of New World Hospitality.