Rosewood sells operations of Mansion on Turtle Creek to Hong Kong group

Teresa Gubbins, Pegasus News

Updated at 1:25 p.m. CT

This is news that seemed like it would never happen: Caroline Rose Hunt sold Rosewood, parent company to the Mansion on Turtle Creek, as well as Crescent Hotel and a collection of equally high-end hotels around the world, to a hospitality company based in Hong Kong.

Since its opening in 1979, the fact that the Mansion was Dallas-owned has always been a source of local pride. The hotels themselves remain the property of Caroline Rose Hunt and Maritz, Wolff.

New World Hospitality's early beginnings were in China in the 1980s; the company re-launched itself in July 2010. Last October, they announced their intent to expand globally including a $1.1 billion investment in the United States. One cool thing is that chairman Sonia Cheng, a Harvard graduate who was promoted in January, is a woman, and also relatively young.

The announcement from the company:

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 Rosewood Corp. and Maritz, Wolff & Co. The closing date for the $229.5 million purchase is July 29, 2011. Rosewood Hotels & 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, 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 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 to receive a seamlessly superlative experience at Rosewood properties."

Caroline Rose Hunt, honorary chairperson 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."

New World Hospitality management will share more information upon completion of the acquisition transaction.

About New World Hospitality:

Hong Kong-based New World Hospitality manages the New World Hotels brand of deluxe properties in China and Southeast Asia, as well as the select service pentahotels brand currently represented in Shanghai and Beijing. The group is aggressively expanding its portfolio with more than 20 properties under development. The company is a member of New World Group, a Hong Kong-based leading conglomerate and principal investor in many New World Hospitality properties, which has owned and developed world class, luxury hotel properties for 20 years. For further information, please visit www.newworldhospitality.com.

About Rosewood Hotels & Resorts:

Founded in 1979, and headquartered in Dallas, Texas, USA, Rosewood Hotels & Resorts manages one-of-a-kind luxury properties in the world's most desired destinations. Rosewood properties embrace the company's A Sense of Place® philosophy, reflecting the history, architecture, scale and sensibilities of the destination. With 19 properties in eight countries, the Rosewood collection includes some of the most legendary hotels and resorts in the world including Rosewood Mansion on Turtle Creek® in Dallas, The Carlyle in New York, Rosewood Little Dix Bay on Virgin Gorda, as well as contemporary classics such as Rosewood Sand Hill® in California, and Rosewood San Miguel de Allende® and Las Ventanas al Paraiso, A Rosewood Resort in Mexico. Rosewood also offers Sense® spa — featuring treatments reflective of the location's culture and natural environment — available exclusively at select properties. For more information on Rosewood Hotels & Resorts or Sense, A Rosewood Spa®, please call +1 888 ROSEWOOD or visit www.rosewoodhotels.com.