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Luxury group Rosewood Hotels & Resorts has been bought by Hong Kong-based New World Hospitality for $229.5 million.

Dallas-based Rosewood will operate as the ultra-luxury brand in New?World Hospitality's portfolio, which includes New World hotels in China and south-east Asia and select service properties in Shanghai and Beijing.?

The partnership will provide Rosewood a “platform for accelerated growth” with a target of doubling the size of its 20-strong portfolio in the next five years.

In addition to properties already in the pipeline, including the Middle East and the Caribbean, additional projects will be announced soon, New World said.

Rosewood has 20 properties in eight countries, including Rosewood Mansion on Turtle Creek in Dallas, The Carlyle in New York, Rosewood Little Dix Bay on Virgin Gorda and Las Ventanas al Paraiso in Mexico.

New World?chief executive?Sonia Cheng said: “Rosewood is a very precious and unique brand, built over decades, with inspirational beginnings and the highest standards of excellence in both product and service.

“We will continue this legacy, nurture what makes Rosewood so special and maintain investment in the properties.?We also look forward to bringing the Rosewood brand to new markets, both in key gateway cities and exclusive resort