Saturday, July 30, 2011

Maritz, Wolff Announces the Sale of Five Hotels to Cheng Family Interests

ST. LOUIS, MO--(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 (top left photo) and its interest in the Rosewood Mansion on Turtle Creek (middle right photo)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, (middle left photo)CEO and co-founder with Lewis Wolff (middle right photo) 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.”

Maritz, Wolff was founded in 1994 by Philip “Flip” Maritz and Lewis Wolff. Since then the company has acquired over $1.5 billion in hotels, resorts and lodging management companies including investments in Rosewood Hotels and Resorts, Fairmont Hotels and Resorts, and Dolce Hotels and Resorts.

 Individual properties have been managed under the following brands: Accor, Dolce, Fairmont, Four Seasons, Hyatt, Ritz-Carlton and Rosewood.

Maritz, Wolff & Co.
Jeff Barone, 314-863-9600

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