Rosewood Hotels & Resorts

Rosewood Hotels & Resorts
Private subsidiary
Founded Dallas, Texas (1979)
Founder Caroline Rose Hunt
Headquarters 500 Crescent Court, Suite 300, Dallas, Texas, United States
Area served
 Worldwide
Key people
 Radha Arora, President, Luxury hotels
Parent New World Hospitality
Website Rosewood Hotels & Resorts

Rosewood Hotels & Resorts is a Dallas-based international luxury hotel and resort company operating properties in seven countries. It was founded in 1979 by Caroline Rose Hunt, the daughter of oil tycoon H. L. Hunt. The company was sold by Rosewood Corp. and Maritz, Wolff & Co in 2011 to New World Hospitality, a unit of New World China Land, for $229 million along with five of the properties that were sold for $570 million. Arranged by Perkins Coie, the $800 million deal was awarded “Merger & Acquisition of the Year 2011” by the Americas Lodging Investment Summit.[1][2]

History

Caroline Rose Hunt founded Rosewood in 1979, desiring to create residential-style luxury hotels that would provide guests with attentive personalized services.[3] A year later, Hunt converted the mansion of Texas cotton magnate Sheppard King into Rosewood's first hotel, The Mansion on Turtle Creek, located in the upscale Turtle Creek neighborhood.[4][5][6]

Acquisition by New World Hospitality

Hong-Kong based company New World Hospitality, a unit of New World China Land announced in June 2011 that it had signed a purchase and sale agreement to acquire Rosewood Hotels & Resorts from Rosewood Corp. and Maritz, Wolff & Co. Chairman of New World, Sonia Cheng, stated the deal "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.” She added that the company would "treasure and protect Rosewood’s legacy, people and reputation” with Caroline Hunt, honorary chairperson of Rosewood, saying it was a "source of satisfaction" that Rosewood would be joining a company that "appreciates the heritage of Rosewood and the values on which it was built."[7][8] The deal was completed on July 29, 2011 with New World Hospitality stating in a press release that Rosewood would operate as the ultra-luxury brand of its business and that New World was looking to double the size of Rosewood's property portfolio within five years.[9] In May 2013, New World Hospitality was renamed Rosewood Hotel Group.[10]

Jumby Bay, A Rosewood Resort in Antigua

Properties

References

  1. ↑ "ALIS AWARD WINNERS ANNOUNCED". Americas Lodging Investment Summit. Retrieved 14 February 2012.
  2. ↑ "Rosewood Deal Named M&A of the Year by ALIS". Perkins Coie. Retrieved 14 February 2012.
  3. ↑ "About Rosewood Hotels & Resorts". Retrieved 14 February 2012.
  4. ↑ Bosch, Hayley. "Hotel Of The Day: Rosewood Mansion On Turtle Creek". Forbes. Retrieved 14 February 2012.
  5. ↑ "Rosewood Mansion on Turtle Creek". Travel and Leisure. Retrieved 14 February 2012.
  6. ↑ "Rosewood Mansion on Turtle Creek". U.S. News. Retrieved 14 February 2012.
  7. ↑ "Rosewood is Selling the Management Group of The Mansion to New World Hospitality". D Magazine. 20 June 2011. Retrieved 14 February 2012.
  8. ↑ Brandt, Nadja (20 June 2011). "Luxury-Hotelier Rosewood to Be Bought by New World China for $229 Million". Bloomberg. Retrieved 15 February 2012.
  9. ↑ "New World Hospitality Completes Purchase of Rosewood Hotels & Resorts". PRNewswire. Retrieved 15 February 2012.
  10. ↑ "New World Hospitality Changes Name to Rosewood Hotel Group". Hospitality Net. Retrieved 21 September 2014.

External links

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