New World Hospitality (NWH) - the Hong Kong-based hotel management company - has completed the acquisition of US-based Rosewood Hotels and Resorts (RHR).

The conclusion of the US$229.5m (£140.9m) deal will see RHR operate as the ultra-luxury band within NWH's portfolio, and aims to allow the Texas-headquartered group to expand. RHR - acquired from Maritz, Wolff and Co - currently features 20 properties across a total of eight countries. The group also offers the Sense spa concept at certain locations.

NWH chief executive officer 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 also look forward to bringing the Rosewood brand to new markets, both in key gateway cities and exclusive resort locations."