Rosewood Acquired for $229.5 Million
Hong Kong-based New World Hospitality hotel management company has signed a purchase and sale agreement to acquire Rosewood Hotels & Resorts, a privately held hotel management company based in Dallas, Texas. The closing date for the $229.5 million purchase is 29 July 2011.
Rosewood recently signed on to operate the Tucker’s Point Hotel & Spa, which was re-branded Rosewood Tucker’s Point.
Last October, the hotel entered into a Letter of Intent for Rosewood Hotels & Resorts to become the property’s operator. Since then, Tucker’s Point applied, and received, a Special Development Order allowing in principle permission for further development.
“We will be thrilled to welcome Rosewood Hotels & Resorts, one of the industry’s most illustrious hotel groups, into our family,” says 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.”
“Rosewood’s dedication to the highest calibre 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.”
“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.”
Caroline Rose Hunt, honorary chairperson of Rosewood Hotels & Resorts says: “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.”
