<\/p>\n
The billionaire Cheng family have put a luxury London hotel up for sale as they grapple with liquidity challenges at debt laden Hong Kong property group New World Development Co.<\/p>\n
The family, led by tycoon Henry Cheng, has appointed advisers to offer the Rosewood Hotel in London\u2019s Holborn district for sale, people with knowledge of the plan said, asking not to be identified as the plan is private.<\/p>\n
Read: Father-son feud plunges Singapore\u2019s richest clan into crisis<\/p>\n
New World has attempted to sell a raft of assets after plunging Hong Kong real estate values pushed up the group\u2019s relative indebtedness.<\/p>\n
ADVERTISEMENT<\/p>\n
CONTINUE READING BELOW<\/p>\n<\/div>\n<\/div>\n
The Cheng family has\u00a0sought a partner\u00a0to match a capital injection and the company last month\u00a0proposed\u00a0a bond swap that would trim about $1.2 billion from its debt pile.<\/p>\n
\nA spokesperson at Rosewood Hotel Group declined to comment on ownership matters, but said its brands are not up for sale and all its properties remain fully operational as usual.<\/p>\n<\/blockquote>\n
Chow Tai Fook Enterprises, the private investment arm of the Cheng family, didn\u2019t respond to a request for comment.<\/p>\n
The proposed sale is part of a wider program of Rosewood disposals being targeted by the family, Bloomberg News has\u00a0previously reported. The Rosewood operation, led by Henry Cheng\u2019s daughter Sonia, is owned by the family\u2019s Chow Tai Fook Enterprises Ltd vehicle.<\/p>\n
\n\nADVERTISEMENT:<\/p>\n
CONTINUE READING BELOW<\/p>\n<\/div>\n<\/div>\n
The group has 58 Rosewood properties around the world, according to its website. The Rosewood London, as the Holborn location is known, was the first hotel operated under the brand to open in the UK capital.<\/p>\n
A second outpost, the Chancery Rosewood, was launched at the site of the former US embassy on Grosvenor Square in Mayfair earlier this year. That project was overseen by\u00a0Qatari Diar, the developer owned by Qatar\u2019s sovereign wealth fund.<\/p>\n
Deals for London hotels rose 42% in the three months through September, according to\u00a0data\u00a0compiled by broker Savills Plc. Robust demand has pushed values higher, the broker\u2019s data show.<\/p>\n
\u00a9\u00a02025\u00a0Bloomberg<\/p>\n
Follow Moneyweb\u2019s in-depth finance and business news on WhatsApp here.<\/em><\/p>\n<\/p><\/div>\n