Hong Kong group to buy Rosewood Hotels
The luxury hotelier that manages Tucker’s Point is being bought for $229.5 million by a Hong Kong-based group.New World Hospitality has agreed to buy Rosewood Hotels & Resorts from Rosewood Corp and Maritz, Wolff & Co, in a deal expected to be completed on July 29.Sonia Cheng, chairman of New World Hospitality, said in a statement yesterday: “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.”According to reports, investors have been attracted to the lodging sector as hotel values climb following a rebound in United States business and leisure travel, with revenue per available room rising 13 percent to $171 in the first quarter of 2011.