The Mansion on Turtle Creek is one of 19 properties in eight countries that are owned and operated by Rosewood Hotel & Resorts.
Rosewood Hotels & Resorts, the Dallas-based luxury hotel management company that operates the Mansion on Turtle Creek, has been sold to Hong Kong-based New World Hospitality hotel management company for $229.5 million, both companies said Monday.
In the deal, Rosewood, created in part by Dallas oil heiress Caroline Rose Hunt, gains access to more international markets while New World gains one of the world’s most lauded luxury brands.
“I believe there’s great opportunity … for Rosewood to grow, and much of that growth will be internationally,” said John Scott, president and chief executive of Rosewood Hotels & Resorts. “New World Hospitality approached Rosewood … earlier this year … with similar aspirations, with the belief that the Rosewood brand could be expanded more broadly and more globally.”
The deal is set to close July 29.
Rosewood Hotels & Resorts will operate as the premium luxury brand in New World Hospitality’s portfolio, which includes properties in China and Southeast Asia.
Scott said New World is developing projects in Asia that may adopt the Rosewood brand. But he added that they want the brand to grow “globally, not just regionally.”
Rosewood has 19 properties in eight countries, with such marquee names as the Carlyle in New York and Las Ventanas al Paraiso, a resort in Mexico,as well as the Mansion and the Rosewood Crescent Hotel in Uptown.
Rosewood has been working to expand its international reach for some time now.
In late 1997, a private investment fund headed by California-based Maritz, Wolff & Co. paid more than $150 million for a 50 percent stake in Rosewood Hotels, the company that grew from the 1979 launch of the Mansion.
Rosewood and the new investors formed Rosewood Hotels & Resorts LLC, “with a strategic objective of accelerating growth in the national and international luxury hotel markets,” according to Rosewood’s website.
New World now takes 100 percent ownership of Rosewood Hotels & Resorts.
The purchase comes as the luxury market continues to rebound from the bruising recession. The economic recession cut down on leisure travel and made CEOs hesitant to look like they were living it up while the nation was so down.
First-quarter receipts at the Mansion fell 40 percent in 2009 from 2008, and are now off only by 0.37 percent from 2008, according to the Texas comptroller.
Rosewood “fared better than some of our other luxury competitors because of our high repeat guest visitation,” Scott said.
Rosewood Hotels & Resorts will continue to be run from Dallas with the existing management team, Scott said.
Caroline Rose Hunt, honorary chairwoman of Rosewood Hotels & Resorts and daughter of famed oilman H.L. Hunt, said in a statement that she sees a “bright future for Rosewood and all the people who contributed to its great success.”
“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,” she said.
In the deal, Rosewood, created in part by Dallas oil heiress Caroline Rose Hunt, gains access to more international markets while New World gains one of the world’s most lauded luxury brands.
“I believe there’s great opportunity … for Rosewood to grow, and much of that growth will be internationally,” said John Scott, president and chief executive of Rosewood Hotels & Resorts. “New World Hospitality approached Rosewood … earlier this year … with similar aspirations, with the belief that the Rosewood brand could be expanded more broadly and more globally.”
The deal is set to close July 29.
Rosewood Hotels & Resorts will operate as the premium luxury brand in New World Hospitality’s portfolio, which includes properties in China and Southeast Asia.
Scott said New World is developing projects in Asia that may adopt the Rosewood brand. But he added that they want the brand to grow “globally, not just regionally.”
Rosewood has 19 properties in eight countries, with such marquee names as the Carlyle in New York and Las Ventanas al Paraiso, a resort in Mexico,as well as the Mansion and the Rosewood Crescent Hotel in Uptown.
Going global
In late 1997, a private investment fund headed by California-based Maritz, Wolff & Co. paid more than $150 million for a 50 percent stake in Rosewood Hotels, the company that grew from the 1979 launch of the Mansion.
Rosewood and the new investors formed Rosewood Hotels & Resorts LLC, “with a strategic objective of accelerating growth in the national and international luxury hotel markets,” according to Rosewood’s website.
New World now takes 100 percent ownership of Rosewood Hotels & Resorts.
On the rebound
First-quarter receipts at the Mansion fell 40 percent in 2009 from 2008, and are now off only by 0.37 percent from 2008, according to the Texas comptroller.
Rosewood “fared better than some of our other luxury competitors because of our high repeat guest visitation,” Scott said.
Staying local
Caroline Rose Hunt, honorary chairwoman of Rosewood Hotels & Resorts and daughter of famed oilman H.L. Hunt, said in a statement that she sees a “bright future for Rosewood and all the people who contributed to its great success.”
“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,” she said.
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