UPDATE: Rosewood, Partner Complete Five-Hotel Portfolio Sale
Posted July 31, 2011
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DALLAS - Maritz, Wolff & Co. and Rosewood Corp. have closed on the sale of an iconic portfolio of hotel properties, including two Dallas trophies - Rosewood Crescent Hotel and Rosewood Mansion on Turtle Creek.
The Cheng Family of Hong Kong placed its contract on the portfolio in June. For CityBizList's previous article: http://tinyurl.com/3h54htm.
The portfolio also includes The Carlyle, a Rosewood Hotel in New York, Rosewood Little Dix Bay Resort in Virgin Gorda, British Virgin Islands and the Rosewood Inn of the Anasazi in Santa Fe, NM.
Rosewood will continue to manage the five hotels under a long-term agreement with the new owner. There are no major changes planned for the properties.
"I am 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," said Philip "Flip" Maritz, CEO and co-founder of the St. Louis-based investment group.
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. The family's members also have invested in trophy office buildings in New York and San Francisco, including 555 California St. in San Francisco, previously known as The Bank of America Building.
"The opportunity to acquire a portfolio of these five tremendous hotels was simply too good to pass up," Dr. Henry Cheng said.
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