May 22, 2019
Next Tycoon: Hong Kong's Sonia Cheng Opens New Globe Resorts For that Relatives Empire
"I choose to be described as a little unconventional”: Rosewood CEO Sonia Cheng.
In relation to luxury accommodations, Hong Kongers might be a little bit blasé. Many of the glitzy international brands are represented, and opulent new openings occur frequently. And so the buzz in excess of the arrival of a new brand which is more than a year away appears to be surprising. Many of the extra so as the brand, Rosewood Resorts & Resorts, has little visibility in Asia, with just a single hotel in Beijing.
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Much of Asia may be unfamiliar with Rosewood, but Hong Kong is already enamored in the upscale hotel group. "I'm a total fan of Rosewood, and everybody in Hong Kong cannot wait to have our own," says Goodwin Gaw, a major hotel owner and investor. "Rosewood is like a Four Seasons for Millennials. It's really connected to young travelers, especially Asian."
Hong Kong hotel-and-property company New Earth Development bought U.S.-based Rosewood in 2011, and in the third quarter of future yr it expects to finally open the chain's first Hong Kong hotel. It knocked down the New Globe Centre on Salisbury Road in Tsim Sha Tsui overlooking the harbor and is putting up a 66-story tower with 398 hotel rooms and 199 long-term residences.
New Environment is part of Chow Tai Fook Enterprises, founded by Cheng Yu-tung, who died last September just after his 91st birthday and left a roughly $15 billion fortune. He had come from China as a teenager and his rags-to-riches tale began with his transformation of the Macau gold shop into Chow Tai Fook, one on the world's largest jewelry chains. Unlike many Hong Kong tycoons whose family dynasties end up hobbled by succession disputes, he carefully plotted his own transition. Son Henry Cheng took around and groomed his four children, Adrian, Sonia, Brian and Christopher, to run the family businesses.
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Rosewood is the baby of 36-year-old Sonia, or rather, one of four babies. Hailed as a model Millennial, she's the chief executive and also a mother of three under the age of 5; her husband runs a restaurant company (see box, p. 1 . Under her, Rosewood has become one in the world's fastest-growing luxurious hotel brands. Among its prized properties are the historic H?tel de Crillon, in paris on the place de la Concorde, which just reopened, and the Carlyle Hotel on Manhattan's Upper East Side. There are now 20 Rosewood resorts, but that number is set to double within a few years--in the pipeline are Guangzhou, phuket, phnom penh and Hoi An, Vietnam, and a lavish tented villa encampment in Luang prabang, Laos. In all, as the head of Rosewood Hotel Group, New World's hotel-management company, she oversees 57 accommodations in 18 countries, under the Rosewood, New Globe and pentahotel brand names. New Entire world owns many of these hotels, including the Rosewood Beijing and the Carlyle, and it will own the new Hong Kong hotel.
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