The company was incorporated as Victoria Park Hotel Limited in 1957 in British Hong Kong.
However, it is located in Des Voeux Road Central, Sheung Wan, Hong Kong Island,[2] instead of the area near the Kai Tak Airport, eastern Kowloon.
[2] The company also owned some leaseholds of crown land in Tai Kok Tsui, western Kowloon for development into residential buildings.
[6] The two companies formed a joint venture in 36%:64% ratio to acquire the remaining shares from other shareholders.
It was reported that before the deal, New World Development and Chow Tai Fook Enterprises already owned 50.13% and 24.54% shares respectively.
[6][7]: 10–11 The joint venture between Chow Tai Fook Enterprises and New World Development in hotels business, was known as Beames Holdings Limited.
Some of them under penta, New World and Rosewood brands, which were managed by Rosewood Hotel Group, the hotel management unit owned by Chow Tai Fook Enterprises, privately owned parent company of New World Development.
In August 2001, The Regent Hong Kong, which New World Development owned 75% stake at that time, was sold for HK$185 million.
The last hotel, Hyatt Regency Tsim Sha Tsui, completed in 2007, was 100% owned by NWD at that time.
The new JV was owned by Abu Dhabi Investment Authority (ADIA) and New World Development (via Beames Holdings) in a 50–50 ratio.
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[27]), 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.
[27] 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.