(Mark Your Calendars: RealShare Hotels 2011, September 15 in New York City)
HONG KONG- Locally-based New World Hospitality, a division of New World Group, is buying up Dallas-based Rosewood Hotels & Resorts for $230 million. The deal is expected to close June 29.
Rosewood, which includes 19 luxury hotel properties in eight countries, will now operate as a division of New World. Rosewood’s properties include the Carlyle in New York City, Rosewood Mansion on Turtle Creek in Dallas, as well as Rosewood Mayakoba in Mexico, and the Rosewood Dubai and Rosewood Abu Dhabi being delivered in 2012. The company was formed in 1979 by the Caroline Rose Hunt Trust Estate.
Sonia Cheng, chairman of New World, said in a statement that the purchase will allow the firm to expand its reach into new international markets. New World manages hotels in China and Southeast Asia. “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,” Cheng said.
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