|By Karen Robinson-Jacobs, The Dallas
Morning NewsMcClatchy-Tribune Regional News
June 20, 2011--Rosewood Hotels & Resorts, the Dallas-based luxury hotel management company that counts as its flagship the Mansion on Turtle Creek, has been sold to Hong Kong-based New World Hospitality hotel management company for $229.5 million, the companies said Monday.
In the deal Rosewood, created in part by Dallas oil heiress Caroline Rose Hunt, gains access to international markets while New World gains one of the world's most lauded luxury brands.
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.
Rosewood has 19 properties in eight countries including marquee names such as The Carlyle in New York and Las Ventanas al Paraiso, a Rosewood Resort in Mexico.
The cash infusion comes as the luxury market continues to rebound from the bruising recession. The economic downturn not only cut down on leisure travel but made CEOs reticent to look like they were living it up while the nation was so down.
The move marks the latest chapter in Rosewood's bid to grow its international presence.
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 and Resorts L.L.C. "with the strategic objective of accelerating growth in both national and international luxury hotel markets," according to Rosewood's Web site.
Officials with Rosewood could not be reached for comment.
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