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HONG KONG--Hong Kong-based New World Hospitality hotel management company has signed a purchase and sale agreement to acquire Rosewood Hotels Resorts, L.L.C., a privately held ultra-luxury hotel management company based in Dallas, Texas, USA, from current owners cheap hotel in san diego Rosewood Corp. and Maritz, Wolff Co. The closing date for the USD229.5 million purchase is 29 July 2011. Rosewood Hotels cheap hotel in san diego Resorts will operate as the premium luxury brand in New World Hospitality s portfolio.
With New World Hospitality s support, Rosewood Hotels Resorts, a recognised leader in luxury hospitality, is now poised to elevate its properties to even higher acclaim and expand its reach into new international markets. This development heralds the latest stage in the evolution of Rosewood Hotels Resorts, from the 1979 opening of its flagship property, Rosewood Mansion on Turtle Creek in Dallas, to a collection of 19 properties in eight countries that includes some of the most legendary hotels and resorts in the world.
We will be thrilled to welcome Rosewood Hotels Resorts, one of the industry s most illustrious hotel groups, cheap hotel in san diego 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 cheap hotel in san diego 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 cheap hotel in san diego to receive a seamlessly superlative experience at Rosewood properties.
Caroline Rose Hunt, honorary chairperson cheap hotel in san diego 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.
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