Chinese company places London hotel on the market
Chinese investment firm CTF Development, which is owned by Hong Kong’s Cheng family, has placed London's Roosewood Hotel on the market with a £450 million ($648 million) price tag — more than three times the £135 million ($194 million) the firm paid for the property in 2006.
The 262-room hotel joined the Rosewood Hotels & Resorts group in 2013, after undergoing a £85 million ($122 million) renovation program. Rosewood London, located on High Holborn, is being marketed by Eastdil Secured on an invitation-only basis. Built in 1914, the Grade II listed building was the headquarters of the Pearl Assurance Co., which occupied it until 1989. The property opened as a hotel in 2000 as the Renaissance Chancery Court, under the management of Marriott. It ended its association with Marriott in June 2011, and the formerly U.S.-owned Rosewood brand managed it until the Cheng family acquired it in 2011.