Rosewood Hotel Group, also known for its former

trading name A trade name, trading name, or business name, is a pseudonym used by companies that do not operate under their registered company name. The term for this type of alternative name is a "fictitious" business name. Registering the fictitious name w ...

s New World Hotel Group, New World Hospitality and legal names New World Hotel Management (BVI) Limited, New World Hotel Management Limited is a Hong Kong-based multi-national

hotel A hotel is an establishment that provides paid lodging on a short-term basis. Facilities provided inside a hotel room may range from a modest-quality mattress in a small room to large suites with bigger, higher-quality beds, a dresser, a re ...

management group and the parent company of

Rosewood Hotels & Resorts Rosewood Hotels & Resorts is an international luxury hotel and resort company operating 28 hotels in 16 countries, currently owned by Hong Kong-based Rosewood Hotel Group (formerly New World Hospitality and rebranded in May 2013). It was found ...

(founded in 1979). The company is incorporated in the

British Virgin Islands ) , anthem = "God Save the King" , song_type = Territorial song , song = " Oh, Beautiful Virgin Islands" , image_map = File:British Virgin Islands on the globe (Americas centered).svg , map_caption = , mapsize = 290px , image_map2 = Bri ...

as an offshore company. As of 2016, Rosewood Hotel Group was owned by Chow Tai Fook Enterprises, having acquired Rosewood Hotel Group in 2015 from Chow Tai Fook Enterprises' listed

associate company An associate company (or associate) in accounting and business valuation is a company in which another company owns a significant portion of voting shares, usually 20–50%. In this case, an owner does not consolidate the associate's financial sta ...

New World China Land New World China Land Limited is a wholly owned subsidiary of Hong Kong-based conglomerate New World Development, itself part of Chow Tai Fook group. New World China Land was spin off from New World Development in 1999 as a separate listed compan ...

for HK$1.96 billion. Rosewood Hotel Group is headed by Sonia Cheng, daughter of

Henry Cheng Henry Cheng Kar-shun, GBM, GBS ( Chinese: 鄭家純; born 11 December 1946) is a Hong Kong billionaire property developer. Cheng is the elder son of Cheng Yu-tung who founded Hong Kong-listed New World Development of which Henry succeeded ...

and granddaughter of the late

Cheng Yu-tung Cheng Yu-tung GBM (; 8 August 1925 – 29 September 2016) was a Hong Kong billionaire with extensive property investment, development and service businesses, hotels, infrastructure, jewellery retailing and transportation interests in Hong Kong, ...

, the patriarchs of Chow Tai Fook Enterprises and

New World Development New World Development Company Limited (NWD), is a Hong Kong-based company focused on property, hotels, infrastructure and services and department stores. It was established on 29 May 1970 by Cheng Yu-tung. The company is publicly listed on the ...

. She was appointed as the executive vice-chairman of New World Hotel Management Limited in February 2009 and one of the executive director of

, the parent company at that time in January 2010.

History

Predecessors

New World Hospitality and New World Hotel Management could be traced back to New World Hotel (later renamed to and demolished in the 2010s along with the rest of

New World Centre The New World Centre () was a retail-hotel-residential-office complex on Salisbury Road, Tsim Sha Tsui, Kowloon, Hong Kong. It housed two hotels (InterContinental Hong Kong, now closed for renovation in order to rebrand as Regent Hong Kong in 20 ...

) that opened in the 1980s, Hotel Victoria in

Shun Tak Centre Shun Tak Centre () is a commercial and transport complex on the northern shore of Hong Kong Island in Sheung Wan, Hong Kong. It comprises a 4-storey podium containing a shopping centre and car park, two 38-storey office towers, and the Hong ...

(which the hotel became defunct, the building was refurnished as an office tower), as well as the listed real estate developer

and its subsidiaries

New World Hotels (Holdings) New World Hotels (Holdings) Limited, formerly known as Kai Tak Land Investment Limited, is a former Hong Kong-listed company and currently a wholly owned subsidiary of New World Development. History The company was incorporated as Victoria Park ...

and New World Hotels International Limited. The latter was incorporated in 1983. In 1987, The Harbour View Hotel (now Renaissance Harbour View Hotel) in the

Hong Kong Convention and Exhibition Centre The Hong Kong Convention and Exhibition Centre (HKCEC) is one of the two major convention and exhibition venues in Hong Kong, along with AsiaWorld–Expo. It is located in Wan Chai North, Hong Kong Island. Built along the Victoria Harbou ...

, was also planned to be manage by New World Development group themselves, via New World Hotels International. In parallel with the acquisition of Ramada- Renaissance Hotels in 1989, New World Development had established its own team in hotel investment and management. In the 1990s, New World Development entered Mainland China market as hotel manager. In 1990, the group managed 6 hotels in Mainland China, namely Jing-guang New World in Beijing, Yangtze New World in Shanghai, China Hotel in

Guangzhou Guangzhou (, ; ; or ; ), also known as Canton () and alternatively romanized as Kwongchow or Kwangchow, is the capital and largest city of Guangdong province in southern China. Located on the Pearl River about north-northwest of Hong Kon ...

, Dragon Hotel in

Hangzhou Hangzhou ( or , ; , , Standard Mandarin pronunciation: ), also romanized as Hangchow, is the capital and most populous city of Zhejiang, China. It is located in the northwestern part of the province, sitting at the head of Hangzhou Bay, whic ...

, Gui-shan Hotel in

Guilin Guilin (Standard Zhuang: ''Gveilinz''; alternatively romanized as Kweilin) is a prefecture-level city in the northeast of China's Guangxi Zhuang Autonomous Region. It is situated on the west bank of the Li River and borders Hunan to the nort ...

as well as New World Dynasty Hotel in

Xi'an Xi'an ( , ; ; Chinese: ), frequently spelled as Xian and also known by other names, is the capital of Shaanxi Province. A sub-provincial city on the Guanzhong Plain, the city is the third most populous city in Western China, after Chongqi ...

. Currently, the management contracts for those 6 hotels (except Jing-guang New World which was owned by NWD group) were no longer owned by NWD group. In 1995, NWD group split the Renaissance Hotels into two parallel subsidiaries: a hotel property holding company Hotel Property Investment (BVI) Limited and a hotel management company Renaissance Hotel Group N.V.. New World Hotels International Limited, another hotel management company of the NWD group, became a subsidiary of Renaissance Hotel Group instead. Renaissance Hotel Group became a listed company on the

New York Stock Exchange The New York Stock Exchange (NYSE, nicknamed "The Big Board") is an American stock exchange in the Financial District of Lower Manhattan in New York City. It is by far the world's largest stock exchange by market capitalization of its listed ...

on 27 September 1995. Renaissance Hotel Group also acquired the minority interest of New World Hotels International from several people that connected to NWD group, such NWD directors Stewart Leung Chi-kin, Chan Kam-ling, as well as William Doo Wai-hoi, son-in-law of the patriarch of NWD group,

. The hotel management company Renaissance Hotel Group was sold in April 1997, for US$491 million (approx. HK$3.8 billion). The Hong Kong incorporated New World Hotels International Limited was also renamed to Renaissance Hotels International Limited in 2005 and RHIL Limited in 2007. Despite NWD group parted away from Renaissance Hotels, 2 out of 4 hotels of

(a sub-holding listed company of New World Development) in mainland China, were still managed by Renaissance's buyer Marriott International, under Courtyard brand as of 2003–04 financial year. The other two hotels were Mayfair Hotel in Shanghai (it shared the same Chinese name with department stores of sister company

New World Department Store China New World Department Store China Limited is a Hong Kong-based holding company for department store chains in the Mainland China. New World Department Store China is a subsidiary of another listed company New World Development. It has self-owned st ...

) and New World Hotel in Shenyang. A strategic alliance was also formed with Marriott International in 1997–98 financial year. The management contracts of the Courtyard hotels of the NWD group had expired in years 2010 to 2011. The Courtyard by Marriott Beijing became

pentahotel Penta Hotels is a hotel brand with 28 hotels with this name across Europe and Asia . Business overview Penta's hotels feature Penta PlayerPad Rooms featuring gaming consoles and other arcades facilities. The brand also pioneered the "check in a ...

Beijing in 2010–11 financial year, while New World Courtyard Hotel, Shunde became New World Hotel Shunde. Both hotels were managed by New World Hotel Management, a unit of NWD group at that time.

New World Hotel Management

Circa 2006,

group started to focus on re-expanding its own hotel management unit for new hotels of

(NWCL), as well as for those hotels that the management contract were expiring. The unit, known as New World Hotel Management Limited, was incorporated in Hong Kong in 2005.Data in Hong Kong Companies Registry The 65% stake of the parent company of the unit, New World Hotel Management (BVI) Limited, was acquired by New World China Land along with Beijing New World Property Management Limited for HK$1.404 million in August–November 2006. The stake of New World Hotel Management (BVI), that owned by NWCL, was increased to 70.5% since February 2008. It reached 100% in January 2009. It was reported that the minority shareholder was William Doo, Jr., son of William Doo Wai-hoi, vice-chairman of New World China Land. In January 2008, New World Hotel Management signed a contract with parent company New World Development, to manage the Jing-Guang New World Hotel in

Jing Guang Centre The Jing Guang Centre (, an abbreviation for "Beijing-Guangzhou Centre") is a skyscraper in Beijing CBD which was top of the List of tallest buildings in Beijing from 1989 to 2006. The Jing Guang Centre was also the tallest building in mainlan ...

, which the hotel was majority owned by New World Development and ultimate parent company Chow Tai Fook Enterprises. New World Hotel Management (BVI) Limited also owned New World Hotel Management (Macau) Limited, a hotel management company based in Macau. The Macau company signed a contract in June 2008, to manage L'Arc New World Hotel Macau for 10 years, and renewable afterwards. The hotel was 40% owned by

International Entertainment Corporation International is an adjective (also used as a noun) meaning "between nations". International may also refer to: Music Albums * ''International'' (Kevin Michael album), 2011 * ''International'' (New Order album), 2002 * ''International'' (The T ...

, a listed subsidiary of privately owned Chow Tai Fook Enterprises group at that time, but not belongs to

group. New World Hotel Management also started to introduce the brand penta to the Mainland China in October 2008, and part of the Mayfair Hotel in Shanghai, became pentahotel Shanghai. According to ''

China Daily ''China Daily'' () is an English-language daily newspaper owned by the Central Propaganda Department of the Chinese Communist Party. Overview ''China Daily'' has the widest print circulation of any English-language newspaper in China. T ...

'', as of 2009, 8 hotels would be managed by New World Hotel Management and under New World brand. The hotels were located in Beijing, Shanghai (New World Mayfair Hotel Shanghai), Macau (

L'Arc Macau The L'Arc Macau is a hotel and casino in Sé, Macau, China. The casino and hotel is 53 floors, has 283 rooms, and is located across from the Wynn Hotel and Casino. The architecture is Portuguese-influenced, with a distinctively large pot of gol ...

), Dalian, Shenyang, Wuhan, Xi'an and Ho Chi Minh City respectively. A new slogan ''A New World of Difference'' was also announced. In 2011, New World Hotel Management (BVI) Limited (trading as New World Hospitality) acquired

. The deal included the entire membership interests of Rosewood Hotels and Resorts, LLC and the related

intellectual property Intellectual property (IP) is a category of property that includes intangible creations of the human intellect. There are many types of intellectual property, and some countries recognize more than others. The best-known types are patents, cop ...

rights, for US$229.5 million (approx. HK$1.79 billion). In April 2013, it was reported that four more pentahotels were planned to open in the

Greater China Greater China is an informal geographical area that shares commercial and cultural ties with the Han Chinese people. The notion of "Greater China" refers to the area that usually encompasses Mainland China, Hong Kong, Macau, and Taiwan in East ...

area. In December 2013, New World Hotel Management (BVI) also acquired hotel management company Pentahotels (incorporated as Penta Hotel Holdings Limited and Penta Hotels Germany GmbH respectively) from the ultimate parent company of New World China Land, privately owned Chow Tai Fook Enterprises, for €13.536 million (approx. HK$144.8352 million). In 2013, the trading name of New World Hotel Management was also changed from New World Hospitality to Rosewood Hotel Group.

Rosewood Hotel Group

Rosewood Hotel Group was the new trading name of New World Hotel Management since 2013. On 9 June 2014, New World Hotels announced the acquisition of the managing rights of by forming a joint venture with

Millennium & Copthorne Hotels Millennium & Copthorne Hotels is a global hospitality management and real estate group, with 125 hotels in 22 countries in Asia, Australasia, Europe, the Middle East and North America. The company is headquartered in Singapore and London. It was l ...

. The hotel was previously known as Hotel Nikko Hongkong. According to the press release, the hotel was owned by a joint venture of

Chow Tai Fook Chow Tai Fook group is a Hong Kong–based, privately-owned conglomerate with holdings in the jewellery, property development, hotel, department store, transportation, energy, telecommunications, port, casino, and other businesses. Despite the ...

and Millennium & Copthorne Hotels. On 10 June 2014, Rosewood Guangzhou was announced. It was scheduled to open in

Guangzhou CTF Finance Centre The Guangzhou Chow Tai Fook Finance Centre (), also called East Tower, it is a tall mixed-use skyscraper in Guangzhou, Guangdong, which was completed in October 2016. It is the tallest completed building in Guangzhou, the third-tallest in Ch ...

in 2019. On 24 June 2014, New World Hotel Management and NWH Management Philippines, signed a contract with International Entertainment Corporation for managing a hotel in

Metro Manila Metropolitan Manila (often shortened as Metro Manila; fil, Kalakhang Maynila), officially the National Capital Region (NCR; fil, link=no, Pambansang Punong Rehiyon), is the seat of government and one of three defined metropolitan areas in ...

, the Philippines. The hotel, as of 2018, was known as AG New World Manila Bay Hotel. In July 2015,

sold New World Hotel Management (BVI) and its subsidiaries, to New World China Land's indirect parent company Chow Tai Fook Enterprises, for HK$1.96 billion. According to the press release, the price was 1.5% more than the

fair value In accounting and in most schools of economic thought, fair value is a rational and unbiased estimate of the potential market price of a good, service, or asset. The derivation takes into account such objective factors as the costs associated wi ...

of the net assets (equity), plus the to-be-acquired

shareholder loan Shareholder loan is a debt-like form of financing provided by shareholders. Usually, it is the most junior debt in the company's debt portfolio. On the other hand, if this loan belongs to shareholders it could be treated as equity. Maturity of shar ...

to Rosewood Hotel Group. The

book value In accounting, book value is the value of an asset according to its balance sheet account balance. For assets, the value is based on the original cost of the asset less any depreciation, amortization or impairment costs made against the asset. T ...

of the company's equity was negative. Soon after, New World China Land was privatized by New World Development in 2016. According to 2015 press release, Chow Tai Fook Enterprises and New World China Land signed a master hotel leasing agreement, which Chow Tai Fook Enterprises continued to lease hotels from New World China Land until 2025, and renewable to 2035. In November 2016, Rosewood Hong Kong partnered with sister company New World Development again, which the hotel management company would occupied some floor area of

Victoria Dockside Victoria Dockside is a property development on the waterfront of Tsim Sha Tsui, Hong Kong near East Tsim Sha Tsui station. The development opened in stages between 2018 and 2019 at a cost of US$2.6 billion. First founded in 1910, the site was or ...

for their Rosewood Hong Kong hotel. The hotel was designed by

Tony Chi Tony Chi is an American interior designer. He is the co-founder of New York-based design firm tonychi studio together with Tammy Chou. Early life and education Chi was born in Taipei, Taiwan, the youngest of five children. He later moved to New Yo ...

and was opened in March 2019. In 2017, New World Development sold New World Hotel Shanghai, pentahotel Shanghai and the nearby Shanghai Ramada Plaza to the vice-chairman of New World Development, William Doo Wai-hoi, for

RMB The renminbi (; symbol: ¥; ISO code: CNY; abbreviation: RMB) is the official currency of the People's Republic of China and one of the world's most traded currencies, ranking as the fifth most traded currency in the world as of April 2022. ...

1.85 billion (approx. HK$2.2 billion at that time). According to NWD group, William Doo also a brother-in-law of

, patriarch of CTFE–NWD group, thus an uncle of Sonia Cheng, the CEO of Rosewood Hotel Group. As of 2018, New World Hotel Shanghai and pentahotel Shanghai were still managed by Rosewood Hotel Group. As of 2017, One of the 3 hotels of

Baha Mar Baha Mar is a resort complex on the island of New Providence in The Bahamas. Owned by Hong Kong-based Chow Tai Fook Enterprises, the establishment opened in April 2017. The amenities include three hotels (a Grand Hyatt, SLS Baha Mar, and the R ...

Resort in Nassau, Bahamas, was managed by Rosewood. The mega-resort was acquired by Rosewood Hotel Group's parent company Chow Tai Fook Enterprises in 2016. Despite selling the hotel management unit Rosewood Hotel Group to the parent company Chow Tai Fook Enterprises, as of March 2019, New World Development still owned 16 hotels, including Rosewood Hotel Group's Rosewood Phuket, Rosewood Hong Kong, Rosewood Beijing, pentahotel Hong Kong, pentahotel Beijing, New World Shunde, New World Wuhan, New World Beijing, New World Makati, New World Saigon and 6 other hotels that were under other hotel management companies (2

Renaissance The Renaissance ( , ) , from , with the same meanings. is a period in European history The history of Europe is traditionally divided into four time periods: prehistoric Europe (prior to about 800 BC), classical antiquity (800 BC to AD ...

, 3 Hyatt and 1

Novotel Novotel is a French midscale hotel brand owned by Accor. Created in 1967 in France, the company grew into what became the Accor group in 1983, and Novotel remained a pillar brand of Accor's multi-brand strategy. Novotel manages 559 hotels in 6 ...

Senior Leadership

List of CEOs

# Ray Wong (2005–2009) # Sonia Cheng (2009–present)

List of hotels

New World

* AG New World Manila Bay Hotel (in

Del Pilar Street Marcelo H. del Pilar Street, also known as M.H. del Pilar Street or simply Del Pilar Street, is a north–south road running for connecting Ermita and Malate districts in Manila, Philippines. It is a two-lane street which carries traffic one-way ...

, City of Manila, Metro Manila) * New World Beijing Hotel (in

Wangfujing Wangfujing () is a shopping street in Beijing, China, located in Dongcheng District. The majority of the main area is pedestrianised. Since the middle of the Ming Dynasty there have been commercial activities in the area. In the Qing Dynas ...

) * New World Dalian Hotel * New World Guiyang Hotel * New World Makati Hotel (in

Makati Makati ( ), officially the City of Makati ( fil, Lungsod ng Makati), is a 1st class highly urbanized city in the National Capital Region of the Philippines. Makati is the financial center of the Philippines; it has the highest concentration ...

, Metro Manila) * (in East Tsim Sha Tsui; former Hotel Nikko Hongkong) * New World

Petaling Jaya ) , website = , image_skyline = , image_caption = ''From top, left to right:Skyline of Petaling Jaya, the 1 Utama Mall integrated with Bandar Utama Station, the Kota Darul Ehsan arch, the Petaling J ...

Hotel * New World Saigon Hotel (in Ho Chi Minh City)https://saigon.newworldhotels.com/ * New World Shanghai Hotel (former New World Mayfair Hotel Shanghai) * New World

Shunde Shunde District, also known as Shuntak, is a district of the city of Foshan, Guangdong province, located in the Pearl River Delta. It had a population of 2,464,784 as of the 2010 census. Once a traditional agricultural county, it has become one ...

Hotel (in Foshan; former New World

Courtyard A courtyard or court is a circumscribed area, often surrounded by a building or complex, that is open to the sky. Courtyards are common elements in both Western and Eastern building patterns and have been used by both ancient and contemporary ...

Hotel, Shunde) * New World

Wuhan Wuhan (, ; ; ) is the capital of Hubei Province in the People's Republic of China. It is the largest city in Hubei and the most populous city in Central China, with a population of over eleven million, the ninth-most populous Chinese city an ...

Hotel :Note: 4 more hotels are in construction

Rosewood

* Rosewood Mansion on Turtle Creek (Texas) * Rosewood Hotel Georgia (Vancouver) * The Carlyle, A Rosewood Hotel (New York City) * Rosewood CordeValle, (California) * Rosewood Inn of the Anasazi, (New Mexico) * Rosewood Sand Hill, (California) * Rosewood Washington, D.C. (Georgetown) * Rosewood Miramar Beach (Montecito) * Las Ventanas al Paraiso, A Rosewood Resort (Mexico) * Rosewood Mayakoba (Mexico) * Rosewood San Miguel de Allende (Mexico) * Rosewood Little Dix Bay (British Virgin Islands) * Rosewood Bermuda * Rosewood London (Great Britain) * Rosewood Castiglion del Bosco (Italy) * Rosewood Beijing (China) * Rosewood Jeddah (Saudi Arabia) *

Rosewood Abu Dhabi Rosewood refers to any of a number of richly hued timbers, often brownish with darker veining, but found in many different hues. True rosewoods All genuine rosewoods belong to the genus ''Dalbergia''. The pre-eminent rosewood appreciated in ...

(United Arab Emirates) *

Hôtel de Crillon Hôtel de Crillon, A Rosewood Hotel () is a historic luxury hotel in Paris which opened in 1909 in a building dating to 1758. Located at the foot of the Champs-Élysées, the Crillon, along with the Hôtel de la Marine, is one of two identical s ...

, A Rosewood Hotel (Paris) * Rosewood Sanya (China) * Rosewood Baha Mar (Bahamas) * Rosewood Phuket (Thailand) * Rosewood Luang Prabang (Laos) * Rosewood Hong Kong (

) * Rosewood Bangkok (Thailand) * Rosewood Phnom Penh (Cambodia) * Rosewood Guangzhou (

) * Rosewood Yangon (Myanmar) * Rosewood São Paulo (Brazil)

References

External links

* {{official website
Official website of New World Hotels & Resorts

Entry
in International Consortium of Investigative Journalists Offshore Leaks Database Hospitality companies of Hong Kong Former New World Development subsidiaries Multinational companies headquartered in Hong Kong Privately held companies of Hong Kong Family-owned companies of Hong Kong 2005 establishments in Hong Kong Hotels established in 2005 Offshore companies of the British Virgin Islands