|DALLAS, TX, July 20, 1998 – The joint venture of Rosewood
Hotels and Resorts and Maritz, Wolff & Co. which was formed
in October 1997, confirmed today that it has finalized the agreement to
purchase from Bankers Trust all of the shares of the parent company of
Little Dix Bay Hotel Corp., the company which owns Little Dix Bay. Rosewood
Hotels & Resorts will continue to manage the award-winning resort on
Virgin Gorda, in the British Virgin Islands.
Jim Brown, Chief Operating Officer, Rosewood Hotels & Resorts, stated, "The joint venture’s acquisition underscores our commitment to continuing Rosewood’s tradition of excellence. We look forward to working with Maritz, Wolff & Co to further the vision upon which Rosewood was founded nineteen years ago."
Lew N. Wolff, Co-founder and Chairman of Maritz, Wolff & Co., added, "With the inclusion of Little Dix Bay in the Maritz, Wolff & Co., portfolio, the true synergy of the joint venture will flourish. We believe Little Dix Bay will enjoy even greater success applying the combination of our luxury resort ownership experience and Rosewood’s operational and management expertise."
In October 1997, Rosewood Hotels and Resorts, Inc., and Maritz, Wolff & Co., formed a joint venture combining the unique expertise of two of the most respected firms in the travel and hospitality industries, creating one of the world’s foremost luxury hotel companies. This strategic alliance was established for the purpose of acquiring, owning, operating, managing, and developing the world’s finest and most distinctive hotels and resorts.
Maritz, Wolff & Co., is a hotel investment group that acquires full-service urban and resort hotel properties and works directly with the hotel management to enhance revenues and reduce costs. Maritz, Wolff was founded in 1994 to acquire world class hotels and resorts. Today, Maritz, Wolff has nearly $1.4 billion worth of assets.
Little Dix Bay is a garden paradise with a focus on ultimate privacy for its loyal clientele. Set around a crescent-shaped bay and protected by a coral reef, Little Dix Bay is an idyllic setting for an active or relaxing vacation. Rosewood Hotels & Resorts, which manages Little Dix Bay, reopened the resort in 1993 after a multi-million dollar renovation. A further refurbishment was completed in 1996. Rosewood is dedicated to continuing the grand tradition of this resplendent property, a Caribbean legend since 1964.
Virgin Gorda was named in 1493 by Columbus, who saw in the islands that now frame Little Dix Bay the silhouette of a portly woman lying on her back. (Virgin Gorda translates to "Fat Virgin.") The island was a fairly desolate agricultural community when Laurence S. Rockefeller established the resort. Planning and land acquisition began in 1958; the resort opened in January of 1964. A believer in hiring and training local people to proudly serve their island, Mr. Rockefeller discovered a friendly, highly motivated work force among the residents of Virgin Gorda. With an employee-guest ratio of three-to-one, Virgin Gordians still graciously serve guests today at Little Dix.
Rosewood Hotels & Resorts includes: The Mansion on Turtle Creek and Hotel Crescent Court in Dallas; The Lanesborough in London; Little Dix Bay on Virgin Gorda, B.V.I.; Caneel Bay on St. John, U.S.V.I.; Las Ventanas al Paraiso in Los Cabos, Mexico; Hotel Al Khozama, Riyadh, and Abha Palace, Abha, both in Saudi Arabia; The Bristol, Panama City, Panama; Hotel Dharmawangsa, Jakarta, Indonesia; Martineau Bay Resort, Vieques, Puerto Rico (opening 1999); and, Hotel Seiyo Ginza, Tokyo, Japan (an associate hotel).
||Maritz, Wolff Co. Reaches Agreement to Acquire 50% Stake in Fairmont Hotels / March 1998|
|What's The Best Hotel In America? / July 1997|