New York’s Carlyle Hotel Sold to Billionaire Cheng in $570 Million Deal

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  1. uggboy
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    uggboy Gold Member

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    New York’s Carlyle Hotel Sold to Billionaire Cheng in $570 Million Deal:)

    The family of Hong Kong billionaire Cheng Yu-tung bought five luxury hotels, including Manhattan’s Carlyle, from Maritz, Wolff & Co. and Rosewood Corp. for about $570 million.

    The transaction includes Maritz Wolff’s Rosewood Inn of the Anasazi in Santa Fe, New Mexico, and Rosewood Little Dix Bay in the British Virgin Islands. The other hotels in the deal are Rosewood Corp.’s Rosewood Crescent Hotel in Dallas, and Rosewood Mansion on Turtle Creek, also in Dallas and co-owned by the two sellers, Philip “Flip” Maritz, co-founder of Maritz Wolff, said in a telephone interview.

    A unit of New World Development Co., controlled by the Cheng family, agreed last month to buy luxury hotelier Rosewood Hotels & Resorts for $229.5 million from Maritz Wolff and Rosewood Corp., a Dallas-based firm that manages 19 properties including the Carlyle and Rosewood Mansion on Turtle Creek.

    http://www.bloomberg.com/news/2011-...-tung-purchases-new-york-s-carlyle-hotel.html
     
  2. MSPeconomist
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    Is it correct that this is just a change in ownership in that Rosewood will continue to manage at least the four Rosewoods in the transaction? Does Rosewood currently manage the Carlyle? Also, should one infer that Rosewood no longer owns any hotels, including IIRC the Rosewood in the Buckhead area of Atlanta?
     
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  3. uggboy
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    I do understand that Rosewood is now owned by New World Development Co of Hong Kong in which Cheng is the founder and that he outright owns some of the Rosewood Hotels incl. The Carlyle. He wants to expand Rosewood worldwide eg. many more Asian properties. He also owns the Chancery Court Hotel in London, formerly a Renaissance. The Marriott contract which Cheng terminated for the hotel in London. New World plans to be a major player in the hotel business in the future and Rosewood is their new top-tier Luxury Brand. So far, as I understand it, all Rosewood hotels incl. the Atlanta and Carlyle properties are all managed by Rosewood which is now owned by New World.
     

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