Chow Tai Fook Denies Sale of Prized Rosewood Hotel Brand

The owners of the luxury Rosewood hotel group say it is not for sale. This follows market speculation about the brand's future. Hong Kong's Chow Tai Fook Enterprises (CTFE) has no plans to sell Rosewood, sources close to the matter confirm. CTFE is the private family holding company of the Cheng family. It also controls the heavily indebted developer New World Development. "Rosewood has delivered exceptional results in recent years and is one of the family’s most cherished luxury hotel brands," a source said. The hotel group's properties continue to operate normally. The parent company views Rosewood as a core, long-term asset. The brand is part of a global portfolio of nearly 30 strategic hotel investments.