Hong Kong-based New World Hospitality has signed an agreement to acquire Rosewood Hotels & Resorts from its owners Rosewood and Maritz, Wolff for $229.5m.
Rosewood Hotels & Resorts manages a portfolio of 19 properties in eight countries and will operate as the premium luxury brand in New World Hospitality’s portfolio.
The deal is expected to be completed on 29 July 2011.
New World Hospitality chairman Sonia Cheng said the company is thrilled to add Rosewood to its portfolio.
“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.