Cheng Family of Hong Kong Buys Five US Hotels
August 1, 2010 - 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.”
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
