As of 30 June 2018, New World Hotels (Holdings) is a wholly owned subsidiary of New World Development. Between 1999 and 2006, New World Hotels (Holdings) was known as NWD (Hotels Investments) Limited.[1]
Hong Kong
Only 2 out of 5 hotels of New World Development–New World Hotels (Holdings) group in 1990 were survived as the current assets of New World Development. Despite NWD group also made 5 additions to their Hong Kong hotels portfolio, to a total of 7.
Hotel Victoria was closed down in 1995[10] and converted to the East Tower of Shun Tak Centre, now known as China Merchants Tower.
In August 2001, The Regent Hong Kong, which New World Development owned 75% stake at that time, was sold for HK$185 million.[11]
New World Hotel, later known as Renaissance Kowloon Hotel after 1990s refurbishment, demolished in 2010 for New World Centre redevelopment project.
In 2013, New World Development attempted to list 3 hotels in Hong Kong to the public again as NW Hotel Investments.[12][13][14][15] Two of them, Grand Hyatt Hong Kong and Renaissance Harbour View Hotel were originally owned by New World Hotels (Holdings). The last hotel, Hyatt Regency Tsim Sha Tsui, completed in 2007, was 100% owned by NWD at that time. However, the listing was collapsed.[16]
Eventually, the 3 hotels were sold to a new joint venture in April 2015. The new JV was owned by Abu Dhabi Investment Authority (ADIA) and New World Development (via Beames Holdings) in a 50–50 ratio. The deal also included Chow Tai Fook Enterprises sold the 36% stakes in Grand Hyatt Hong Kong and Renaissance Harbour View to the new joint venture, leave only the 50% stake held via New World Development.[17][18] ADIA paid HK$18.5 billion for the stake in the new JV, of which NWD group received HK$10 billion of them.[18][17]
NWD currently also owned Hyatt Regency Sha Tin[9] opened in 2011 and located in the Chinese University of Hong Kong,[19] as well as Novotel Citygate Hong Kong, Rosewood Hong Kong and pentahotel Hong Kong.[9]
Mainland China
After the privatization of New World Hotels (Holdings), another listed (from 1999 to 2016) subsidiary New World China Land of the group, became the sub-holding company for the hotel assets in the mainland China. However, it excluded the relic of New World Hotels (Holdings), such as Rosewood Beijing (former Jingguang New World), China Hotel and Grand New World Hotel in Xi'an which were owned by New World Development directly. In addition, New World Development only owned 20.5% stake of Jingguang New World, 9.0% of China Hotel and 22.4% of Grand New World Hotel as of 1999.[20][21]
As of 2015, New World China Land owned 8 hotels,[22] Moreover, hotels in Guangzhou, Hangzhou, Guilin, Xi'an and Suzhou of the NWD group, had been sold already. In addition, the Shanghai portfolio was replaced by New World Mayfair Hotel Shanghai and pentahotel Shanghai, which were part of Shanghai Ramada Plaza, completed in 2002.
Moreover, the hotel management unit of the group, New World Hotel Management (BVI) Limited (trading as Rosewood Hotel Group), was sold by New World China Land to its privately owned parent company
Rest of the world
In July 1997, some hotels outside Hong Kong, China and Southeast Asia, that were under a sub-holding company, Hotel Property Investments (BVI) Limited, were also sold by New World Hotels (Holdings) (at that time 64% owned by New World Development), to CTF Holdings, at that time owned by Henry Cheng (son of Cheng Yu-tung, the majority owner of Chow Tai Fook Enterprises and chairman New World Development) and his brother-in-law William Doo Wai-hoi.[26] As of 30 June 2018, Hotel Property Investments (BVI) is 100% owned by Chow Tai Fook Enterprises, the flagship private holding company of Cheng family.[27] The price was US$80 million (approx. HK$619 million).[28] According to South China Morning Post, despite New World Development did not disclose the list of the hotels involved in the disposals, it was believed to be those hotels that were under the management of Renaissance and Ramada brands.[26]
Other deals
The hotel management company, Renaissance Hotel Group N.V. (trading as Renaissance Hotels), which was a subsidiary of New World Hotels (Holdings)[28] after the 1990 privatization, was also sold by New World Development to Marriott International in April 1997 for US$491 million (approx. HK$3.8 billion).[29][30]
In 2015, New World Development acquired the remaining 36% stake of Beames Holdings, the parent company of New World Hotels (Holdings)[15] from Chow Tai Fook Enterprises for HK$3.619 billion. Beames Holdings owned significant stakes in some hotels (Rosewood Beijing, Renaissance Riverside Hotel Saigon, New Word Hotel Saigon, New World Makati and the aforementioned new JV with ADIA) and other properties such as some floor area of Shun Tak Centre.[8]
