ST. LOUIS--July
29, 2011
--Maritz, Wolff & Co. announced today the sale of a portfolio of
hotels to the Cheng Family of Hong Kong.
The transaction included all the hotel and resort properties owned by
Maritz, Wolff that are under the management of Rosewood Hotels and
Resorts. In addition, the Rosewood Corp. sold, as part of the
transaction, the Rosewood Crescent Hotel and its interest in the
Rosewood Mansion on Turtle Creek in Dallas to the Chengs. The sale
price was not disclosed.
The properties transferred today include: The Carlyle, a Rosewood Hotel
in New York City, NY; Rosewood Little Dix Bay Resort in Virgin Gorda,
British Virgin Islands; Rosewood Mansion on Turtle Creek and Rosewood
Crescent Hotels both located in Dallas, TX; and the Rosewood Inn of the
Anasazi in Santa Fe, NM.
The five hotels in the portfolio each represent “best in class” assets
and each represent A Sense of Place® that is the hallmark of
Rosewood Hotels. All five of the hotels will continue to be managed by
Rosewood under long term management agreements. Rosewood and the Chengs
do not plan any major changes to the properties, but rather will
undertake the continuous improvement that has marked each of the hotels
since the origination of their management under Rosewood.
Philip “Flip” Maritz, CEO and co-founder with Lewis Wolff of Maritz,
Wolff, commented that he “feels very confident that the stewardship of
these legacy assets under the Cheng Family, combined with continuing
Rosewood management, will retain the special personality of each of the
hotels. I am also confident that these new owners will use their
substantial capital and worldwide lodging expertise to take these
hotels to the next level of guest satisfaction and market performance.”
The Chengs have made substantial investments in ultra-luxury hotels in
the US and Asia. The family owns The Beverly Wilshire, a Four Seasons
Hotel in Los Angeles, as well as having previously owned interests in
the Four Seasons Hotel New York and The Regent Hotel Hong Kong. Members
of the family also have invested in substantial trophy office buildings
in New York and San Francisco, including 555 California Street in San
Francisco, previously known as The Bank of America Building. Dr. Henry
Cheng stated that “this investment represents our belief in the quality
of these properties and the future of ultra-luxury hotels and resorts
in North America, Asia and around the world. The hotel real estate
market has begun to recover and we expect that these legendary
properties will continue to outperform their competitors. The
opportunity to acquire a portfolio of these five tremendous hotels was
simply too good to pass up.”
About Maritz, Wolff & Co.
Maritz, Wolff was founded in 1994 by Philip “Flip” Maritz and Lewis
Wolff. Since then the company has acquired over $1.5 billion in hotels,
resorts and lodging management companies including investments in
Rosewood Hotels and Resorts, Fairmont Hotels and Resorts, and Dolce
Hotels and Resorts. Individual properties have been managed under the
following brands: Accor, Dolce, Fairmont, Four Seasons, Hyatt,
Ritz-Carlton and Rosewood.