June 20 (Bloomberg) -- New World Hospitality, a unit of New World China Land Ltd., agreed to buy luxury hotelier Rosewood Hotels & Resorts for $229.5 million from Rosewood Corp. and Maritz, Wolff & Co.
The deal is expected to be completed on July 29, Hong Kong-based New World Hospitality said in a statement today. The business, which manages properties such as Manhattan’s Carlyle hotel, will operate as the company’s “premium luxury brand.”
Investors have been attracted to the lodging sector as hotel values climb, helped by a rebound in U.S. business and leisure travel. Revenue per available room, an industry measure of occupancy and rate, rose 13 percent to $171.56 in the first quarter of this year, the highest increase among seven hotel segments, according to Hendersonville, Tennessee-based Smith Travel Research Inc.
“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,” Sonia Cheng, chairman of New World Hospitality, said in the statement today.
Rosewood, based in Dallas, was founded in 1979 and manages 19 properties, including the Carlyle and Rosewood Mansion on Turtle Creek in Dallas.
To contact the reporter on this story: Nadja Brandt in Los Angeles at firstname.lastname@example.org
To contact the editor responsible for this story: Kara Wetzel at email@example.com