Combine the sugar and hot water in a heavy saucepan, and cook over high heat until the sugar has dissolved. This takes about a minute. Keep cooking, swirling the pan a bit but DO NOT EVER STIR, EVER! If you stir the sugar it will crystallize and NEVER EVER CARAMELIZE. Just swirl the sugar/water around in the pan until sugar starts caramelize and color. The color you want is a deep amber color. It will take about 10 minutes on a medium high flame.
When you achieve this color, turn the flame to medium-low and whisk in the browned butter CAREFULLY! It will bubble up. Continue to whisk until all the butter is incorporated. Cook without stirring for one minute.
Turn your flame to low and whisk in your cream - also - CAREFULLY! It was bubble up and steam like crazy. Whisk until completely combined and let cool to room temperature.