New World Hospitality agreed to acquire the Rosewood Hotels & Resorts luxury brand
Hong Kong-based in a $229.5 million deal expected to close by the end of July. Rosewood's portfolio includes 19 properties in eight countries, including Rosewood Mansion on Turtle Creek in Dallas, the Rosewood Sand Hill near San Francisco and the Carlyle in New York. According to New World Hospitality chair Sonia Cheng, the company plans "substantially accelerated global growth" for the Rosewood brand. New World currently operates two brands: New World Hotels, with five properties targeting group travel, and select-service Pentahotels, which has two locations in Asia. According to the company, 20 additional properties are in development.