New World in Talks With Blackstone to Sell Some Hotel Assets
New World Development, which counts three Rosewood-managed luxury hotels among its holdings, is exploring some property sales and is in talks with Blackstone Group as a potential buyer, a source at one of the companies told Skift.
New World owns 20 hotels in China and Southeast Asia, including Rosewood Hong Kong, Rosewood Phuket, and Rosewood Beijing. Its overall mix of assets includes residential projects and department stores.
The billionaire Cheng family controls New World. Bloomberg reported on Tuesday that the Cheng family is considering injecting capital into New World as early as the end of the year.
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