Hong Kong-based New World Hospitality agreed to acquire the
Rosewood Hotels & Resorts luxury brand 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.
Source: Procurement.travel