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Maritz, Wolff Announces the Sale of Five Hotels to Cheng Family Interests
ST. LOUIS--( BUSINESS WIRE )--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.
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The Cheng family also owns the Beverly Wilshire, a Four Seasons hotel in Beverly Hills, California, and once owned a stake in the Four Seasons Hotel New York. The Cheng family also owns the Beverly
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
The Bar at Four Seasons Hotel New York continues to celebrate the 50th Birthday of Four Seasons Hotels and Resorts by offering a handcrafted Imperia Vodka Martini decorated with 24K gold leaf served in a Steuben Verve crystal martini glass for USD
The Los Angeles investors considered a boutique hotel at the site, which faces the five-star Four Seasons Hotel on 57th street, but are now expected to devote that space to luxury condos or office and retail, people who know CIM say.
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Five Rosewood Assets Acquired By New World « Travel And Tour World
A unit of Hong Kong’s New World Development Co. made an even bigger splash in the North American hotel market by acquiring five hotels from the Rosewood Hotels & Resorts portfolio for a reported US$570 million.
In this latest deal, which demonstrate Asian developers’ appetite for global expansion and ready low-cost capital to close quickly, New World acquired the famed The Carlyle in New York City, the Rosewood Inn of the Anasazi in Santa Fe, New Mexico, the Rosewood Little Dix Bay in the British Virgin Islands, as well as the Rosewood Crescent Hotel and Rosewood Mansion on Turtle Creek, both in Dallas.
“It is an interesting deal as it will allow Rosewood the impetus to grow not only in North America and Europe with New World’s financial muscle, but importantly in Asia and particularly in China,” commented Laurence Geller, CEO of Strategic Hotels & Resorts, Chicago.
The Chengs also own the Beverly Wilshire, a Four Seasons Hotel in Los Angeles, and had a former interest in the Four Seasons Hotel New York and Regent Hotel Hong Kong.
Bloomberg reports that Maritz Wolff is now down to stakes in four hotels, down from almost 50 a decade ago, and already has its Fairmont San Francisco on the market.
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