HONG KONG New World Hospitality is acquiring Rosewood Hotels & Resorts LLC for US$229.5 million from owners Rosewood Corp. and Maritz, Wolff & Co.
The transaction is expected to close late next month. Rosewood will operate as the premium luxury brand in Hong Kong-based New World’s portfolio, which also includes the upscale New World Hotels and the select-service Penta Hotels brands.
“We will be thrilled to welcome Rosewood Hotels & Resorts, one of the industry’s most illustrious hotel groups, into our family,” says Sonia Cheng, chairwoman 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.
“Rosewood’s dedication to the highest caliber of luxury hotel operations and commitment to providing authentic and distinctive guest experiences is a perfect fit with our own culture and vision. We will treasure and protect Rosewood’s legacy, people and reputation.”
New World Hospitality operates two brands, the upscale New World Hotels and the select-service Penta Hotels. The New World brand features five properties in China, along with hotels in Manila and Saigon, plus five more projects in China in the development pipeline. There are 15 Penta Hotels in operation across China, Germany, Austria and the United Kingdom. The company ranks 285th on HOTELS’ magazine’s most recent listing of the world’s largest hotel operators and franchisors.
“We are very excited to be on the cusp of joining hands with a partner that has a deep appreciation for our history, culture and unique brand,” says John Scott, president and CEO of Rosewood Hotels & Resorts. “We are both dedicated to ensuring that Rosewood guests continue to receive a seamlessly superlative experience at Rosewood properties.”