|The Carlyle in Manahattan, operated by Rosewood Hotels.|
Big (shocking?) news from Dallas. Rosewood Hotels & Resorts has been sold to Hong Kong-based New World Hospitality hotel management company for a reported $229.5 million. Rosewood Hotels & Resorts will operate as the premium luxury brand in New World Hospitality's portfolio. Rosewood was owned by Rosewood Corp. and Maritz, Wolff & Co. who last week put up the Fairmont San Francisco for sale. The closing date for the deal is July 29, 2011. Rosewood Hotels & Resorts will operate as the premium luxury brand in New World Hospitality's portfolio.
Luxury Travel Advisor reached out to Rosewood, which said that, with regard to management, "business will continue as usual."
"We will be thrilled to welcome Rosewood Hotels & Resorts, one of the industry's most illustrious hotel groups, into our family," said Sonia Cheng, chairman of New World Hospitality. "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."
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. We see a bright future for Rosewood and all the people who contributed to its great success."
Word is New World Hospitality management will share more information upon completion of the acquisition transaction.