The iconic Rosewood Hotels & Resorts LLC is under contract for $229.5 million to Hong Kong-based New World Hospitality. The deal is penciled for a July 29 closing.
Under the buyout terms, Rosewood will operate as the premium luxury brand in New World Hospitality's portfolio. From the seller's perspective, the sale will broaden the brand's reach internationally. Rosewood launched its flagship property, Rosewood Mansion on Turtle Creek in Dallas in 1979 and has since grown to 19 properties in eight countries.
Sonia Cheng, chairman of New World Hospitality, pledged to "treasure and protect" the Rosewood legacy, its team and reputation while positioning the Dallas-based company for "substantially accelerated global growth."
Caroline Rose Hunt, honorary chairperson of Rosewood Hotels & Resorts said "it is a source of satisfaction to know that Rosewood Hotels & Resorts will be joining a company that appreciates the heritage of Rosewood and the values on which it was built."
The buyer said additional information will be released after the transaction closes. New World Hospitality manages a brand of deluxe properties in China and Southeast Asia and select-service pentaholtels in Shanghai and Beijing. It has more than 20 properties under development.`