Hong Kong-based management company New World Hospitality (NWH) has completed a purchase and sale deal to acquire Texas, US-based Rosewood Hotels and Resorts (RHR).

The deal will see NWH take control of the luxury hotel management company from current owners Rosewood Corp and Maritz, Wolff and Co, with closure scheduled for 29 July. Following the completion of the US$229.5m (£143.1m) purchase, RHR will operate as the premium luxury brand within the NWH portfolio and currently features 19 properties.

NWH chair Sonia Cheng said: "This acquisition represents a strategic direction for our company to establish a robust presence in the international luxury hospitality arena. "Rosewood's dedication to the highest calibre of luxury hotel operations and commitment to providing authentic and distinctive guest experiences is a perfect fit with our own culture and vision."

RHR president and chief executive officer John Scott added: "We are very excited to be on the cusp of joining hands with a partner that has a deep appreciation for our history, culture and unique brand."