New World Hospitality hotel management company has completed a US$229.5 million transaction to purchase Rosewood Hotels & Resorts, L.L.C. from sellers Maritz, Wolff & Co. Rosewood Hotels & Resorts is a privately held ultra-luxury hotel management company based in Dallas.
Rosewood Hotels & Resorts will operate as the ultra-luxury brand in New World Hospitality’s portfolio. The Dallas-based team of industry leaders will continue to focus on skilled management of acclaimed properties and maintain its commitment to the group’s continuing success.
“Rosewood is a very precious and unique brand, built over decades, with inspirational beginnings and the highest standards of excellence in both product and service,” says Sonia Cheng, chief executive officer of New World Hospitality. “We will continue this legacy, nurture what makes Rosewood so special and maintain investment in the properties. We also look forward to bringing the Rosewood brand to new markets, both in key gateway cities and exclusive resort locations.”
The partnership will provide Rosewood a platform for accelerated growth and usher in a new era of global expansion for the company with a target of doubling the size of its portfolio with newly opened and pipeline projects over the next five years. In addition to properties already in the pipeline, including the Middle East and the Caribbean, additional projects will be announced soon.